Arab News, 6 October 2022: Saudi Arabia’s Central Bank has launched a public consultation on amendments to the Finance Companies Control Law.
The amendments will affect companies that practice finance activities. They must offer the finance activity as a joint stock company.
Under the amendments, the Central Bank has the right to grant exceptions to finance companies to allow them to practice activities other than finance.
The definition of Finance Company will also no longer have the word joint stock in it if the amendments are approved.
The amendments are being proposed to ensure transparency and broader participation.
Comments can be submitted via the National Competitiveness Centre’s Public Consultation Platform.
They are also being proposed to strengthen the Bank’s commitment to upkeep relevant international principles and standards and boost growth in the sector. Additional reporting from Okaz on 6 October 2022. For the full story, click here.
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