Regulatory Alerts2009-01-01
Board of Directors Decision No. (49) of 2009
The Board of Directors issued Decision No. 49 of 2009 to establish implementation guidelines for Decision No. 102 of 2008 concerning licensing insurance calculations for securities market companies. The regulation mandates that for firms authorized to conduct multiple activities with differing insurance rates, the highest applicable rate must be applied to the company's total capital. Any insurance premiums collected in excess of this calculated amount are required to be refunded to the licensee.
Board of Directors Decision No. (049) of 2009
The Board approved the issuance of implementation guidelines for Board Decision No. 102 of 2008 regarding the calculation of the insurance value payable upon licensing to conduct activities of companies operating in the securities market. The rule stipulates that in the calculation of the insurance value for companies licensed to conduct more than one activity where the prescribed insurance calculation rate differs for each, the calculation shall be based on the highest rate and applied to the total capital, with any excess amount collected being refunded.