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  • Chapter 10: Final Provisions

    • Article 34

      1.A person who becomes privy to any information during the implementation of this Law or due to carrying out any action related thereto may not disclose such information to a third party, even after completion of resolution procedures or end of work relationship.
       
      2.The confidentiality provision in paragraph (1) of this Article shall not include exchange of information among the competent authority employees, potential buyers, or professional advisors the competent authority appoints or approves their appointment, as well as the exchange of such information with relevant authorities in the Kingdom or foreign authorities concerned with resolution procedures, provided the exchange is for the purpose of implementing the resolution procedures or this Law.
       
      3.The competent authority may allow unauthorized persons to disclose and exchange information in cases pertaining to the implementation of resolution procedures or to ensuring the financial stability of the Kingdom or of another state, provided the disclosure or exchange of information is subject to confidentiality requirements and to the extent required by such cases.
       
      4.The competent authority shall impose on violators of this Article a fine not exceeding five hundred thousand riyals, and the aggrieved party may appeal the penalty decision in accordance with Article 32(5) of this Law.
       

    • Article 35

      An employee of the competent authority or any person assigned thereby shall not be liable for any resolution procedure he takes except in cases of willful misconduct, gross negligence, or bad faith.

    • Article 36

      Without prejudice to the jurisdiction of relevant authorities, employees designated pursuant to a decision by the competent authority shall detect and report violations of this Law as well as its Implementing Regulations and decisions and rules issued in implementation thereof. The Implementing Regulations shall determine their powers and work procedures.

    • Article 37

      The Implementing Regulations of this Law shall be drafted by the Saudi Central Bank and the Capital Market Authority and shall be issued pursuant to a decision by the Council of Ministers.

    • Article 38

      This Law shall enter into force 180 days following the date of its publication in the Official Gazette.