Details

Outcomes of the Zero Bureaucracy Session

Open Date : 02/05/2024|Close Date: 01/08/2024

With reference to the meeting held on Thursday, 2/5/2024, with licensed companies regarding awareness of the Government Zero Bureaucracy Program, presentation of the Authority's initiatives to these companies, and receiving their proposals, we would like to summarize the outcomes of the meeting concerning procedures related to license management as follows:

Service: Employee Approval in Licensed Companies by the Securities and Commodities Authority

  • Companies expressed their gratitude to the Authority for reducing the number of documents required to be uploaded by the company, and for linking with the Civil Registry and ID authority, facilitating the process of retrieving employee data.

  • Companies proposed linking with the Ministry of Interior to verify criminal records; however, this connection is sensitive and may present some challenges for the Authority due to the confidentiality requirements.

  • Companies also suggested that the system retain employee data and allow transferring data from the current company file to another company's file if the employee moves to a different company. It was noted that while the system retains data and documents, companies and their representatives must submit an appointment request and provide updated documents, such as a valid criminal record certificate and a recent report from the Civil Registry. The Authority may face some challenges in transferring files electronically.

Service: Financial Activity Licensing

  • Companies commended the provision of operational manuals upon request by the inspection team, emphasizing that these manuals should be continuously updated. This is part of the company's obligations post-licensing and helps accelerate the licensing process while reducing procedures.

Service: Request to Add a Financial Activity to the License

  • Companies thanked the Authority, and no additional suggestions were provided.

Service: Request to Add a Financial Activity to the License

  • Companies thanked the Authority, and no additional suggestions were provided.


Outcome

Companies appreciated reduced documents, system integrations, and updated manuals, suggested linking with the Ministry of Interior and retaining employee data for transfers, and had no additional suggestions for adding financial activities.

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