Decision of the Board of Directors of the Authority No. (194) for the year 2022

Article One Subject to licensing and supervision, the Authority shall regulate all licensed activities in accordance with the prescribed regulatory framework. Licensing is granted upon meeting the statutory conditions and financial thresholds.

Article Two The Authority shall issue, renew, suspend, or revoke licenses based on compliance with regulatory standards, capital adequacy requirements, and operational guidelines.

Article Three License holders must maintain adequate capital reserves, submit periodic financial and operational reports, and adhere to the Authority’s supervisory directives.

Article Four The Authority may impose administrative sanctions, including fines and public notices, against licensees that violate regulatory provisions or fail to meet compliance obligations.

Article Five Licensing fees and supervisory charges are determined by the Authority’s official fee schedule, payable upon application, renewal, or regulatory assessment.

Article Six The Authority shall establish a dedicated licensing committee to review applications, conduct on-site inspections, and issue regulatory approvals in a timely manner.

Article Seven These provisions apply to all licensed entities operating within the jurisdiction, ensuring market integrity, investor protection, and regulatory transparency.

Article 38 The Authority shall publish updated licensing guidelines and regulatory circulars to reflect market developments, technological advancements, and international best practices.

Article 38 Compliance with these guidelines is mandatory for all license applicants and holders, and non-compliance may result in regulatory actions or license restrictions.

Article 48 This Decision shall be published in the Official Gazette and takes effect from June 1, 2023 to August 21, 2022.