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Regulatory Bodies Boost Digital Oversight
The General Authority for Financial Supervision and the Supreme Council for Media Regulation signed a cooperation protocol to enhance oversight of digital applications and platforms related to the non-banking financial markets. The protocol establishes procedures for coordination and requires prior notification to the Authority before issuing licenses or permitting the operation of electronic applications and platforms, ensuring there is no overlap with the rights of entities under the Authority’s supervision and reducing the risk of misinformation. The Authority commits to providing a technical assessment within 15 days of notification. The agreement aims to protect companies' rights and strengthen the safety of the digital environment, with a special focus on preventing manipulation or deception of users within the non-banking financial sector.
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