1. Introduction
| No: 381000003528 | Date(g): 10/10/2016 | Date(h): 9/1/1438 |
Translated Document
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 Central Bank supervises the activities of finance companies and exercises its powers pursuant to the provisions of this law and its regulation," and based on the Implementing Regulation of the same law issued by His Excellency the Governor’s Decision No. 2/BSI dated 14/4/1434H corresponding 24/2/2013G, which specifies in Article 2 that "The Central Bank shall organize the financing sector and supervise the business of the finance companies in accordance with the law and regulation...", and in continuation of the Central Bank’s role in supervising and monitoring the financing sector, and based on the authority granted under Article 100 which states that "A committee or more will be formed by a decision of the Governor to be responsible for presenting the proposals and recommendations necessary to develop the finance sector," and with theCentral Bank’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.