Regulatory Alerts2009-01-01
Decision No. (66) of 2009 of the Authority's Board of Directors
The General Authority for Financial Supervision issued Decision No. 66 of 2009 to mandate a development levy on all supervised financial companies, calculated as a percentage of total revenues according to a specified activity-based schedule. The decision requires quarterly revenue reporting and levy payments within one month of each quarter's end, with late payments incurring daily interest based on the Central Bank's lending rate. Proceeds are strictly allocated to fund the Authority's institutional development, electronic disclosure systems, risk management frameworks, training programs, and market infrastructure enhancements.
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