RIYADH: The Saudi Central Bank has launched a public consultation on on draft amendments to the Finance Companies Control Law.
In order to ensure transparency and wider participation, the bank, also known as SAMA, invited stakeholders and the public to submit suggestions and observations on the draft through the National Competitiveness Center’s Public Consultation Platform.
This regulatory function falls under SAMA’s oversight responsibilities, as well as its role in supporting the development of the finance sector and keeping pace with the growth of the global finance industry.
The move aims to strengthen SAMA’s commitment to upkeep relevant international principles and standards. As well as contributing to the growth of the sector, the regulation will help attract new investors to achieve one of Saudi Vision 2030’s goals.
To enable SAMA to assess its relevance in finalizing the text, the contributors are expected to provide their input on the draft within 30 days of this publication.
