Saudi Economy & Planning Minister Participates in Dialogue Session in Davos    Custodian of the Two Holy Mosques to Patronize Closing Ceremony of King Abdulaziz Camel Festival on Sunday    Minister of Education Meets with A Number of Ambassadors to the Kingdom    Minister of State for Foreign Affairs Meets with Deputy Speaker of National Assembly of Hungary    Minister of State for Foreign Affairs Meets with Hungarian Foreign Minister    OPEC Basket Price Stood, at $63.26    World Economic Forum embraces Saudi Café    Wall Street Closing    Details of Saudi Tour 2020 for bicycles announced    SAGIA and UNCTAD Announce Global FDI Summit in Riyadh    Minister of State for Foreign Affairs Meets with Omani Minister Responsible for Foreign Affairs    GCC Standardization Organization Announces 2020 Training Plan    SAGO Issues Tender to Import 900,000 Tons of Feed Barley    Saudi Arabia's Olympic Football Team Qualifies for Tokyo 2020    KSA Olympics Football Team Tops Second Group in AFC U-23 Championship    Saudi National Futsal Team Arrives in Spain    Red Sea International Film Festival Opens Accreditation    Saudi Arabia Creates the Future of Art with Artathon Competition that Merges Artistic Creativity with Artificial Intelligence    Red Sea International Film Festival Shows Rare Films of Late Saudi photographer Safouh Nomani    Saudi CDC Signs Agreement with Swedish Public Health Agency    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    Custodian of Two Holy Mosques addresses Citizens and Muslims on the Advent of Holy Month of Ramadan    Ministry of Hajj and Umrah Launches Awareness Message on Sacrifice Day    Custodian of Two Holy Mosques addresses the Saudi people and Islamic nation on the blessed Eid Al-Fitr    Newcastle Beat West Ham 3-0 for their first Win of the Season    Mourinho insists Ibrahimovic must be good enough for Manchester United    Reforms have saved the economy from possible recession, say analysts    The King and Crown Prince congratulates Moldova's President    More than 1,5 million pilgrims arrive in Saudi Arabia, so far    MWL allocates SR 7 million for Eid sacrifice project in 47 countries    Saudi Campaign provides educational and training services for Syrians in Al-Za'tari camp    Saudi student goes missing in Kentucky, US    Harvey lashes Texas US coast with high wind, torrential rain    North Korea tests short-range missiles as South Korea, US conduct drills    Samsung leader Jay Y. Lee given five-year jail sentence for bribery    Known days    "MODON" Signs MoU with Chinese Goldwind Company for wind-turbines manufacturing in the Kingdom    Flyadeal, Saudi Arabia's new low-cost airline, scheduled to launch on September 23, reports    Mastercard launches Masterpass in the Kingdom of Saudi Arabia    Honda among 27 Japan players named for World Cup qualifiers    Joker, Harley Quinn movie in works with 'Crazy Stupid Love' filmmakers    Madhuri Dixit to venture into Marathi films as a producer    Consumers warned against using some brands of face powder, hair products    How 'GOT' makers made the frozen lake in 'Beyond the Wall'    Shraddha Kapoor wants people to help the needy    Neymar targets improvement after phenomenal home debut    Politicizing the pilgrimage    Rakhi 2017: "Bond of Love" between a brother and his sister    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





SAMA Presents the Draft of "Licensing Rules For Activities in Support of the Financing Activity" to Request Public Comments
Published in Saudi Press Agency on 12 - 12 - 2019

The Saudi Arabian Monetary Authority "SAMA" announces launching a draft of the licensing rules for activities in support of the financing activity that aims to regulate licensing provisions for this type of company, and organize its practice based on the powers granted to SAMA in accordance with the provisions of the financing companies monitoring system and its executive regulations, calling in this regard, the public and those interested - in furtherance of the principle of transparency and participation - to express their observations and views on the project, starting from 15/05/1441H corresponding to 12/12/2019.
The issuance of these rules comes within SAMA's efforts to support the finance sector by allowing new supporting activities to strengthen the sector and support companies and facilitate their work in line with SAMA's role in enhancing financial stability and supporting the Kingdom's growth and economic development opportunities to achieve goals of the Kingdom's 2030 vision.
SAMA clarified that it seeks through these rules, to achieve several goals; including attracting a new segment of investors and companies with small and medium capitals to work under its supervision in a manner that ensures the efficiency of its work by adhering to the requirements issued by SAMA regarding information security, corporate governance, internal organization, attribution, risk and compliance management and internal review.
SAMA also aims, through these rules, to support the finance sector by allowing the entry of two new activities; electronic brokerage, and the collection of debts of financing agencies, within a supervisory framework that guarantees the stability of the sector and the protection of consumer rights.
The draft sets the minimum paid-up capital for the company that engages in electronic brokerage activity at (2.000,000) two million riyals, and for companies that practice the activity of collecting debts of financing agencies at (10,000,000) ten million riyals, keeping SAMA's authority in raising or lowering the minimum capital according to market conditions.
In conclusion, SAMA invites those interested of legal entities and businessmen who wish to practice these activities to view the financing systems and their executive regulations, and the draft of the licensing rules for activities supporting the financing activity by SAMA's website via the link: http://www.sama.gov.sa/en-us/laws/pages/financerulesandregulations.aspx , Note that all views and observations will be studied for the purpose of adopting the final version of these rules.


Clic here to read the story from its source.