Regulatory Alerts2014-01-01
Decision of the Board of Directors No. (54) of 2014 (as last amended)
The General Authority for Financial Supervision issued Decision No. 54 of 2014 (as last amended in October 2021) to establish the rules and procedures for joint stock companies, limited partnerships with shares, and other legal entities to issue bonds in tranches. The regulation mandates that each tranche must have a maturity of at least thirteen months, require specific financial guarantees and current asset-to-liability ratios of no less than 1:1, and mandate timely disclosure of credit rating changes within seven days. It further streamlines the issuance program by consolidating previous requirements, repealing Decision No. 30 of 2011, and specifying electronic publication channels for transparency.
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