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.
