Regulatory Alerts2020-01-01
Board of Directors Decision No. (56) of 2020 (Updated 2023 Version)
The Capital Markets Authority Board of Directors issued Decision No. (56) of 2020, as amended, to establish the conditions and regulations for establishing and licensing consumer financing activities and providers. The 2023 amendment replaces Article Two(1) to require licensed consumer financing companies to regularize their compliance with the Decision’s provisions within one year, with a possible extension up to two years based on justified requests. Additionally, the regulatory framework incorporates prior amendments from Board Decisions 206 and 94, including the addition of Paragraph 8 to Article Four.
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