Part Fifteen: Structural Changes
Article 69
The Finance Company must obtain a non-objecting letter from SAMA before appointing persons in the following functions and tasks:
a. Membership of the Board and its committees. b. Managing director, chief executive officer, general manager, their designees, financial manager and directors of the key departments, or their designees. c. Managers of control functions, such as internal audit, risk management and compliance, or their designees. Article 70
The Finance Company must immediately notify SAMA of:
1. Any retirement of any member of the Senior Management or revocation of such authorization; 2. Losses exceeding (15%) of the paid-up capital of the Finance Company;