RIYADH — 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.

This comes as part of SAMA's ongoing efforts to review the regulations 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 financing 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 within 15 days 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). — SPA