GAFI outlines procedures for companies to fall under its purview from FRA

The General Authority for Freezones and Investment (GAFI) issued a directive outlining procedures for companies to fall under its jurisdiction from that of the the Financial Regulatory Authority’s (FRA), Al Mal reports. These procedures include obtaining approval from the company’s general assembly with FRA sign off, and an approval from GAFI. We noted last month that regulations were being drafted to split the jurisdiction over private sector holding companies’ between GAFI and the FRA. Under these guidelines, the FRA’s jurisdiction would extend only to holding companies with half or more of their assets invested in the non-banking financial sector, with GAFI assuming regulatory responsibility over the rest.