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:
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Establishment and Licensing of Consumer Finance Companies.
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Corporate Governance, Shareholding Structure, and Board of Directors.
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Controls and Conditions for Granting Financing to Customers.
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Risk Management and Internal Control.
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Financial Solvency and Liquidity Standards.
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Financial Reports, Statements, and Disclosure.
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Rules for Opening and Registering Branches.
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Consumer Finance Forms and Contracts.
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Customer Rights Protection, Marketing, and Disclosure.
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Digital Transformation and Cybersecurity.