Guests attend the Global AI 2020 (Artificial Intelligence) Summit in the Saudi capital Riyadh on October 21, 2020. - The summit, organized by the Saudi Data & AI Authority (SDAIA) and G20 Saudi Secretariat as part of The International Conferences Program, brings together stakeholders from public sector, academia and private sector, including technology companies, investors, entrepreneurs and startups to shape the future of Artificial Intelligence (AI). (Photo by FAYEZ NURELDINE / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)
Guests attend the Global AI 2020 (Artificial Intelligence) Summit in the Saudi capital Riyadh on October 21, 2020. - The summit, organized by the Saudi Data & AI Authority (SDAIA) and G20 Saudi Secretariat as part of The International Conferences Program, brings together stakeholders from public sector, academia and private sector, including technology companies, investors, entrepreneurs and startups to shape the future of Artificial Intelligence (AI). (Photo by FAYEZ NURELDINE / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)
Business

SAMA Opens Public Consultation on Amendment of Finance Companies Control Law

Published on: 

The Saudi Central Bank (SAMA) has announced opening a public consultation on the draft amendment of article 16 of the Implementing Regulation of the Finance Companies Control Law.

In this context, SAMA invited suggestions and observations from professionals and the public in the spirit of transparency and wider participation.

Guests attend the Global AI 2020 (Artificial Intelligence) Summit in the Saudi capital Riyadh on October 21, 2020. - The summit, organized by the Saudi Data & AI Authority (SDAIA) and G20 Saudi Secretariat as part of The International Conferences Program, brings together stakeholders from public sector, academia and private sector, including technology companies, investors, entrepreneurs and startups to shape the future of Artificial Intelligence (AI). (Photo by FAYEZ NURELDINE / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)
MAWANI Signs Agreement for Yanbu Port Bunker Station

This comes as part of SAMA's on-going efforts to review Implementing Regulations of the Finance Companies Control Laws to ensure efficacy and soundness of the financial sector to operate in a competitive environment.

SAMA clarified that the draft seeks to reformulate article 16 of the Implementing Regulation of the Finance Companies Control Law to allow finance institutions to practice finance activities without stipulating the prohibition of combining any of the finance activities. It is for SAMA to restrict the licensing with certain conditions.

Contributors are expected to provide their views and observations about the draft amendment of article 16 of the Implementing Regulation of the Finance Companies Control Law within (15) days from this publication to finalize the text. The draft is available on Public Consultation Platform affiliated to the National Competitiveness Center (https://istitlaa.ncc.gov.sa/en/Finance/SAMA/ImplementingRegulationoftheFinanceCompanies/Pages/default.aspx).

Saudi Arabia
SAMA
logo
Ajel
english.ajel.sa