The Central Bank and Banking Act law organized dealing in foreign exchange, as it states that "the board of directors may authorize exchange companies and some other bodies to deal in foreign exchange in accordance with the provisions of this law.
The Board of Directors defines the conditions of licensing and the work system in those companies and entities, as well as the central bank’s control system.
The exchange companies and other authorities who are licensed and their branches are registered in a special record that prepares for this purpose with the central bank, after performing a examination fee of one hundred thousand pounds for the main center, and fifty thousand pounds for each branch.
The governor’s approval must be obtained before the establishment of any new branch and before it opens to deal.
The provisions of Article (92) of this law shall apply to those companies and authorities.
The governor may, in the event that any of these companies or authorities violate the conditions of the license or the aforementioned work system, to direct or stop the activity for a period not exceeding one year or the signature of a financial penalty in accordance with the controls stipulated in Article (145) of this law or canceling the license and removing the registration from the record .
The license must be canceled and the registration in the event of stopping the activity or integration must be canceled without obtaining the approval of the central bank, or in the event of declaring bankruptcy or liquidation, or in the event of a policy that would harm the public economic interest or by organizing the foreign exchange market.
0 Comments