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.