Regulatory Alerts2019-01-01
Capital Markets Authority Board Decision No. (74) of 2019 Amending Decision No. (53) of 2018 on Licensing and Share Ownership for Non-Banking Financial Companies
The Capital Markets Authority Board of Directors issued Decision No. (74) of 2019 to amend licensing, renewal, and share ownership regulations for non-banking financial companies. The decision eliminates the mandatory ownership structure requirement for entities establishing or capitalizing existing companies, aligning them with Chapter Three of the Capital Markets Law. Additionally, it revises the securities rating category to mandate a minimum 10% ownership stake by an international credit rating entity while waiving the requirement for legal or financial institution founders.
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