Regulatory Alerts2015-01-01
Decision No. (88) of 2015 of the Authority's Board of Directors
The General Authority for Financial Supervision issued Decision No. 88 of 2015 to establish mandatory approval procedures for real estate financing companies seeking to cease operations, liquidate assets, merge, or acquire shares exceeding 50% of issued capital. The regulation requires applicants to submit detailed justifications, auditors' reports, corporate resolutions, and competition impact assessments, with the Authority granting or denying requests within thirty days of complete submission. Additionally, the decree mandates pre- and post-acquisition notifications for ownership stakes between 10% and 50%, standardizes share exchange protocols, and supersedes conflicting prior provisions.
Share