1. Introduction
| No: 381000003528 | Date(g): 10/10/2016 | Date(h): 9/1/1438 |
Effective from 2016-10-10 - Oct 09 2016
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Based on the provisions of Article 21 of the Finance Companies Control Law issued by Royal Decree No. M/51 dated 13/8/1433H, which states that "The institution supervises the activities of finance companies and exercises its powers in accordance with the provisions of this law and its regulations," and based on the Executive Regulation of the same law issued by His Excellency the Governor’s Decision No. 2/M Sh T dated 14/4/1434H (24/2/2013), which specifies in Article 2 that "The institution shall organize the financing sector and supervise the activities of finance companies in accordance with the law and regulations...", and in continuation of the institution’s role in supervising and monitoring the financing sector, and based on the authority granted under Article 100 which states that "One or more committees shall be formed by a decision from the Governor to provide proposals and recommendations necessary for the development of the financing sector," and with the institution’s efforts to organize the regulatory frameworks for supervisory and monitoring activities in the finance companies sector, these terms of reference for finance companies’ committees have been issued to contribute to the sector’s growth, stability, and fairness of transactions.