Regulatory Alerts2024-12-19
Added · Updated
Financial Services Authority Regulation Number 31 of 2024 on Written Orders
The Financial Services Authority establishes the legal framework for issuing Written Orders to Financial Service Institutions and specific parties to address problems, ensure compliance with regulations, and prevent consumer or sector losses. The regulation defines key terms including mergers, consolidations, takeovers, integration, and conversion, and mandates that recipients comply with these orders under penalty of sanctions under the Financial Services Authority Law. It outlines procedures for issuance, implementation timelines, reporting requirements, and evaluation processes, while repealing previous regulations on written orders for banks, non-bank institutions, and general applications.
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