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.
Board of Directors Decision No. (56) of 2020 dated 2020/3/22 Regarding the conditions and regulations for establishment and licensing to conduct consumer financing activities, and the conditions and regulations for licensing other consumer financing providers As amended on 2023/4/12 1 The Board of Directors of the Capital Markets Authority decided (Article One)
1 The Decision was amended by Board Decisions Nos. 206 dated 2021/12/21 and 94 dated 2023/4/12.
(Article Two)
2 Paragraph (1) of Article Two was replaced by Capital Markets Authority Board Decision No. 94 dated 2023/4/12, stipulating that licensed consumer financing companies authorized to conduct this activity must regularize their status in accordance with the provisions of this Decision within a period not exceeding one year from the date of its implementation, and the Authority's Board may extend this period for up to two years based on serious justifications submitted by the company.
(Article Three) (Article Four)
(Article Five) (Article Six)
3 Paragraph 8 of Article Four was added by Capital Markets Authority Board Decision No. 206 dated 2021/12/21.
(Article Seven) (Article Eight) (Article Nine)