According to FRA Chairman Decision No. 3060 of 2023, the Committee is responsible for approving the establishment of companies operating in non-banking financial activities under the Authority’s oversight and for licensing them to conduct their business.
The Committee also approves requests to add new activities
and mechanisms for companies operating in the non-banking financial sector, as
well as changes to the legal framework governing the entry or exit of companies
operating in the securities sector and consumer finance sector.
Its responsibilities further include amending the articles
of association of companies under FRA supervision and issuing preliminary or
final approvals, approving incentive and reward systems and any related
amendments, and providing opinions on suspending resolutions passed by the
general assemblies of companies operating in the securities and consumer
finance sectors.
The Committee also authorizes the opening, relocation, and
closure of branches of companies operating in the non-banking financial sector.
It handles requests for liquidation, temporary or voluntary suspension of
activity, as well as the registration, renewal, and removal of institutional
agents for companies in the sector.
In this context, granting the license to Insight Holding for
Financial Investments reflects the FRA’s commitment to supporting investment
entities capable of playing an active role in establishing companies and
increasing their capital. The move contributes to revitalizing the capital
market, expanding the base of listed and unlisted companies, and boosting
investment flows across various economic sectors.