Board of Directors Resolution No. (193) for the Year 2022

Regarding the Regulation of [Activities]

Preamble Pursuant to Resolution No. (52) of the Year 2021, issued by the Board of Directors and the Authority, in accordance with the Basic System. The Authority shall exercise regulatory oversight over licensed entities and operational frameworks.

Article 1: Definitions The Authority shall oversee the implementation of this Resolution. All terms used herein shall carry the meanings assigned to them in the Basic System and related regulations, unless the context indicates otherwise.

Article 2: Scope This Resolution applies to all licensed entities and operational activities within the jurisdiction of the Authority, as stipulated in the approved regulatory framework.

Article 3: Implementation The Authority shall issue necessary executive bylaws and operational guidelines to ensure the effective implementation of this Resolution.

Article 4: Regulatory Oversight The Board of Directors and the Authority have jointly issued this Resolution to standardize regulatory compliance, enhance operational transparency, and align with international best practices.

Article 5: Compliance Requirements Licensed entities must adhere to the prescribed reporting standards, capital adequacy ratios, and governance structures outlined in this Resolution.

Article 6: Enforcement Powers The Authority is empowered to conduct inspections, impose corrective measures, and levy administrative penalties for non-compliance with the provisions of this Resolution.

Article 7: Transitional Provisions Existing licenses and operational permits shall remain valid until explicitly amended or replaced by the new regulatory framework established herein.

Article 8: Amendments and Updates The Authority may periodically review and update the attached schedules and appendices to reflect market developments and regulatory advancements.

Article 9: Dispute Resolution Any disputes arising from the interpretation or application of this Resolution shall be resolved through the designated regulatory arbitration mechanisms.

Article 10: Effective Date This Resolution shall take effect from the date of its publication in the official gazette, unless otherwise specified.

Article 11: Publication and Notification The Authority shall ensure wide dissemination of this Resolution to all stakeholders through official channels and regulatory databases.

Article 12: Interpretation In case of any ambiguity, the Arabic text shall prevail, and the Authority’s executive director shall issue binding interpretive rulings.

Article 13: Final Provisions The Board of Directors and the Authority shall jointly oversee the implementation, ensuring alignment with the overarching legal framework.

Article 14: Regulatory Framework Alignment This Resolution complements existing licensing regimes and operational guidelines, providing a unified regulatory structure for all market participants.

Article 15: Concluding Clauses All previous directives inconsistent with this Resolution are hereby repealed. The Authority shall publish the final consolidated text within thirty days of issuance.

Dates & References Year 2023, No. 85 Reference Dates: 1444 AH / 2023 AD – 1445 AH / 2024 AD