SAMA Updates Implementing Regulation of Finance Companies Control Law

البنك المركزي السعودي يصدر اللائحة التنفيذية لنظام مراقبة شركات التمويل المحدثة

The Saudi Central Bank (SAMA) has approved an updated Implementing Regulation of the Finance Companies Control Law, exercising its supervisory role over the finance sector. The update regulates requirements for conducting all financing activities, revises the total financing a company may extend, and modifies the bank guarantee amount required when applying for a licence. It also reviews provisions related to connected parties and clarifies cases in which a finance company's licence may lapse, while cancelling the previous rules governing micro-consumer finance companies and microfinance activity and amending the licensing rules for finance-supporting activities. The final text was informed by public and specialist consultation conducted by SAMA at an earlier stage.

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