Regulatory Alerts2022-03-24
Deleting Article (4) of the Implementing Regulation of the Real Estate Finance Law, and amending Article (16) of the Implementing Regulation of the Finance Companies Control Law
The Saudi Central Bank (SAMA) and the Ministry of Finance have issued decisions to delete Article 4 of the Real Estate Finance Law’s Implementing Regulation and amend Article 16 of the Finance Companies Control Law’s Implementing Regulation. The amended Article 16 authorizes SAMA to specify licensed financing activities and impose special conditions on finance company licenses, including restrictions on geographical operating areas, eligible beneficiaries, or other regulatory criteria. These measures, effective from 1437H, streamline licensing frameworks and enhance SAMA’s supervisory authority over domestic finance companies and banks.
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