Regulatory Alerts2025-09-24
Added · Updated
Requirement for Banks to Obtain Letter from Financial Supervisory Authority Before Employment with Controlled Companies
Banks must obtain a letter from the General Authority for Financial Supervision before granting or renewing credit facilities, conducting securitization operations, or providing employment to all companies subject to the Authority's supervision. The letter must confirm the companies' soundness of performance, compliance with standards and rules for their specified activities, and the absence of any outstanding violations, administrative measures, or penalties. This requirement applies to all companies under the Authority's control and reinforces obligations previously set in circulars dated October 13, 2019, and February 29, 2024.
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