The Ministry of Commerce has indicated that during the remote working period from 07 April to 12 May seven Rules & Regulations have been issued for the commercial sector in the Kingdom, after a thorough and comprehensive study of the commercial legislative environment, and after making comparison with the best practices and legislation in force globally.
The Ministry of Commerce also held 4 remote workshops via modern technology, attended by more than 700 male and female participants from the private sector, specialists and those interested, for introducing, discussing and listening to various views and opinions about the R&R proposals. This is based on the principle of transparency and participation, while preparing the Rules & Regulations.
During the remote working period, the following Rules & Regulations have been issued: Security Rights on Moveable Funds and its Executive Regulations, the Executive Regulations for the Professional Corporates, the Executive Regulations for the Commercial Franchise System, besides amending the Commercial Mortgage Law and its Executive Regulations and the Accredited Evaluator System.
It is worth mentioning that the Ministry of Commerce is conducting a comprehensive review of the Commercial Systems, Rules and Regulations to go in line with the Kingdom's Vision 2030, and to get along with the Kingdom's economic position, taking into consideration its impact on the global markets, aiming at providing an attractive and fair investment environment that guarantees the flow of value-added investments, and guarantees as well the investors’ rights, and contributes to advancing the National Economy.
Notably, the implementation stages of these legislations have passed through many stations, including making diagnostic studies to investigate the challenges facing merchants, investors and consumers, also identifying the opportunities and areas of growth that can be developed, as well as making studies and comparisons about the best practices globally, so that to design the most appropriate trade policies for the Kingdom. Meanwhile, the Ministry has worked to open permanent communication channels among the governmental, the private sector and those interested. The Ministry has presented the draft Rules & Regulations to the public, specialists and those interested to express their opinions and views, based on the principle of transparency and participation.