The Financial Supervision prohibits the power of attorney or authorization to practice professions specialized in non-banking financial activities
- Dr. Mohamed Farid, Chairman of the Board:
The license to practice professions specialized in non-banking financial activities shall be done in person, after verifying the eligibility of individuals in accordance with the conditions and controls issued by the Authority
The license issued by the Commission for him personal character and may not be delegated or delegated to another person
Practicing professions specialized in non-banking financial activities without a license from the Authority requires legal accountability
issued your father Tor Muhammad Farid, Chairman of the Financial Regulatory Authority, Periodic Book No. 1 dated February 2023 Prohibiting the power of attorney or authorization to practice professions specialized in non-banking financial activities subject to the supervision and control of the Authority.
- The circular prohibits persons who obtain a license from the Authority to practice professions specialized in non-banking financial activities from making any agencies or authorizations to each other or to any person another to deal under those powers of attorney or on their behalf in the practice of specialized professional business licensed to them by the Commission, and they must cancel any powers of attorney or authorizations that have been issued in this regard and take the necessary action towards stopping their work in order to avoid legal accountability resulting from violating that.
- The circular prohibits persons who do not obtain a license from the Authority to practice professions specialized in non-banking financial activities from practicing specialized professional business or some of them. Based on a power of attorney or authorization issued by a person who has obtained a license from the Authority, as this is considered K is the practice of a professional activity that they are not authorized to carry out and requires legal accountability.
The periodic book also included that all companies must The entities subject to the supervision and control of the Authority shall observe these controls and that the companies and entities shall deal directly only with persons licensed by the Authority to practice professions specialized in non-banking financial activities.
This came in light of what was observed by the Authority that some persons licensed to practice professions specialized in non-banking financial activities made official powers of attorney or authorizations for each other or for other persons who do not have a license from the Authority, to deal on behalf of
For his part, Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, said that the license By practicing professions specialized in non-banking financial activities, it is personal only and is related to the person who obtained it, whether or not, after verifying the suitability of individuals in accordance with the conditions and controls issued by the Authority and according to the availability of academic qualifications and practical experience and passing the test. And the necessary interviews to obtain a license to practice professions in non-banking financial activities, stressing that the license issued by the Authority may not be delegated or delegated to another person, and that the practice of professions specialized in non-banking financial activities without a license from the Authority requires accountability.
To view the periodical 2023 press here
