We have received from the Financial Regulatory Authority (FRA) a guide outlining the rules, regulations, and standards governing consumer finance activities, aimed at establishing a unified regulatory framework and facilitating the implementation of the applicable rules governing the activity.
The guide covers a number of key topics, including:
Establishment and Licensing of Consumer Finance Companies.
Corporate Governance, Shareholding Structure, and Board of Directors.
Controls and Conditions for Granting Financing to Customers.
Risk Management and Internal Control.
Financial Solvency and Liquidity Standards.
Financial Reports, Statements, and Disclosure.
Rules for Opening and Registering Branches.
Consumer Finance Forms and Contracts.
Customer Rights Protection, Marketing, and Disclosure.
Digital Transformation and Cybersecurity.