The Council of Ministers,
after perusal in its session held under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, Royal Court File 69283 dated 7 Dhu Al-Qa’dah 1443 [7 June 2022], Chairman of the Board of the Capital Market Authority and the Chairman of the Board of Trustees of the Financial Academy Letter 2022547 dated 3 Dhu Al-Qa’dah 1443 [3 June 2022], regarding the draft System of the Financial Academy,
after perusal of the aforementioned draft system,
after perusal of Council of Ministers Decision 538 dated 21 Sha’ban 1441 [15 April 2020],
after perusal of the Bureau of Experts at the Council of Ministers memorandums 614 dated 29 Safar 1444 [26 September 2022], 1378 dated 4 Jumada Al-Awwal 1444 [28 November 2022], and 1861 dated 18 Jumada Al-Thani 1444 [11 January 2023],
after perusal of Council of Economic and Development Affairs Recommendation 19-11/44/I dated 17 Rabi Al-Awwal 1444 [13 October 2022].
and after perusal of the General Committee of the Council of Ministers Recommendation 6832 dated 1 Rajab 1444 [23 January 2023],
hereby decides
First
The System of the Financial Academy is hereby approved in the form attached.
Second
The Board of Trustees of the Financial Academy shall exercise its powers stipulated in article 5(5) of the system—referred to in clause First of this decision—in agreement with the Ministry of Finance and the Non-Oil Revenue Development Center, until the issuance and implementation of the “Regulation of the Practice of Public Authorities and Institutions and Their Equivalent of Imposing a Financial Charge for the Services and Works They Provide”.
Third
The Board of Trustees of the Financial Academy, formed in accordance with article 4 of the Regulatory Arrangements of the Financial Academy issued by Council of Ministers Decision 538 dated 21 Sha’ban 1441 [15 April 2020], shall continue to exercise its functions until the expiry of its term on 26 Shawwal 1444, corresponding to 16 May 2023.
Fourth
The Chairman of the Board of the Capital Market Authority shall issue a decision to reconstitute the Board of Trustees based on article 4 of the system—referred to in clause First of this decision—provided that the entry into force of the decision coincides with the date of expiry of the term of the current board of trustees, referred to in clause Third of this decision.
Salman bin Abdulaziz Al-Saud
Issued on: 23/8/1444
Corresponding to: 15/3/2023
Published in Umm Al-Qura 4974 issued on 17 March 2023.