الهيئة العامة للرقابة المالية

• Establishing and Licensing Committee Approves a New Company to Deal in Government Securities and Financial Instruments in the Secondary Market.

FRA Committee for Establishing and Licensing Companies has approved the establishment of two new companies, Sadara Holding for Financial Investments and Taqa Financial Investments. Both entities are specifically licensed for establishing new companies that issue securities or facilitate capital increases. The Committee also approved the establishment of BFI Cash Factoring and licensed Tex Fund Company to engage in investment fund activities with private ownership.

Additionally, The Committee approved Commercial International Brokerage Company (CIBC) to regularize its status and register with FRA for trading in government securities and financial instruments on the secondary market. Also, the Committee has granted Arab Financial Brokerage Company approval to engage in intraday trading.

As the designated body under FRA Chairman’s resolution No. 3060 of 2023, this Committee is responsible for a broad mandate that extends beyond initial licensing. Its powers encompass approving the establishment and licensing of new non-bank financial companies, along with sanctioning requests for additional activities and mechanisms for existing firms. The Committee also oversees changes in legal frameworks for companies in securities and consumer finance, approves amendments to articles of association (both preliminary and final), and ratifies incentive and reward schemes. Furthermore, it provides opinions on suspending General Assembly resolutions for securities and consumer finance companies, approves the opening, relocation and closure of branches, and processes requests for liquidation, temporary or voluntary suspension of activities. Finally, the Committee is responsible for the registration, renewal and delisting of founding agents for non-bank financial companies.