Regulatory Alerts2020-01-01
Added · Updated
Board of Directors Decision No. 100 of 2020 on Corporate Governance Rules for Companies in Non-Banking Financial Activities
The General Authority for Financial Supervision issued Decision No. 100 of 2020 to establish comprehensive corporate governance rules for companies operating in non-banking financial activities, including securities, real estate financing, microfinance, leasing, factoring, and consumer financing. The decision mandates the establishment of specific board committees such as Audit, Risk, and Governance, defines strict independence criteria for board members, and requires enhanced disclosure and internal control mechanisms. It also repeals previous governance decisions and grants regulated entities a one-year transition period to align their operations with these new regulatory standards.
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