Regulatory Alerts2019-01-01
Chairman of the Authority Decision No. 55 of 2019 Regulating the Work of Appeal Committees under Supervised Laws
The Financial Regulatory Authority issued Decision No. 55 of 2019 to regulate the operational procedures and scheduling of appeal committees overseeing insurance, capital markets, real estate financing, microfinance, financial leasing, and factoring. The decision mandates that committees convene on fixed weekly days at the Authority's Smart Village headquarters, outlines strict submission requirements including six copies and supporting documents, and assigns the General Administration for Dispute Resolution to manage registration, scheduling, notification, and implementation of rulings. Furthermore, it establishes an electronic appeals tracking system linked to the Authority's website, grants committees investigative powers to request documents and summon parties, and repeals the previous 2018 decision governing these committees.