Regulatory Alerts2020-02-10
The amendment of three articles in the Implementing Regulation of the Finance Companies Control Law
The Saudi Central Bank issued Governor Decision No. 85/M/ST to amend Articles Three, Nine, and Ninety of the Implementing Regulation of the Finance Companies Control Law. The amendments establish that all licensed legal entities conducting financial activities are subject to this regulation, while explicitly placing microfinance companies under SAMA’s specific rules and capping their financing amounts for productive activities. Furthermore, finance companies must now secure a formal no-objection letter from the Bank before conducting business with entities engaged in supporting financial activities.
Share