SAMA seeks public opinion on draft amendments to Finance Companies Control Law

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) started today, Oct. 6, inviting public, specialists and interested parties to express their opinions on the draft amendments to the Finance Companies Control Law, through the Public Consultation Platform “Istitlaa”.

This is in order to enhance the principle of transparency and participation. The draft amendments stem from the central bank’s competencies in supervising and controlling the finance sector. This is besides its continuous efforts to develop the sector and support its growth, in addition to keeping pace with global developments in the finance sector, according to a statement.

The draft bill is aimed at achieving growth and stability in the sector, in addition to providing a regulatory framework characterized by comprehensiveness and flexibility. This shall support the sector's stability and the achievement of the goals of the Kingdom's Vision 2030, the statement added.

The draft amendments come to grant SAMA the power to exempt finance companies from being banned from practicing activities other than financing. This is in addition to amending the provision of prohibiting a person from being a board member at two financing companies that do not practice the same activity.

They are intended to enable the central bank to exclude certain requirements in the context of emerging technologies and fintech.

SAMA will continue to receive observations on the draft amendments to the Finance Companies Control Law for 30 days, noting that all views and opinions will be under study for the purpose of adopting the final version of the law.