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  • Part Twenty: Control, Investigation and Prosecution Procedures

    • Article 91

       1.The provisions of this part shall apply to violations and cases of public rights arising out of implementation of the Law and the Regulation.
       2.Criminal Procedures, the Bureau of Investigation and Public Prosecution and the general rules applicable in the Kingdom of Saudi Arabia.

    • Article 92

      SAMA’s employee that is in charge of control, investigation and prosecution procedures shall:

       1.Be a Saudi national;
       2.Be of a good conduct;
       3.Have not been sentenced of a breach of trust offence or a crime involving moral turpitude, unless rehabilitated.
       4.Hold a bachelor degree;
       5.Have passed the professional examination approved by SAMA .

    • Article 93

       1.Control, investigation and prosecution personnel shall receive notices, collect information, and control necessary evidences for investigation and point accusation.
       2.Control, investigation and prosecution personnel may seek assistance from criminal investigation employee if necessary.
       3.Control, investigation and prosecution personnel may benefit from specialists either as individuals or companies when conducting their survey, examination, seizing materials connected with violations. The duty of such individuals and companies shall be confined to showing places and materials that requires search and capturing during investigation
       4.The Governor shall issue the rules, procedures and permissions for the work of the staff of control, investigation and prosecution.

    • Article 94

      The control, investigation and prosecution staff, law enforcement personnel, experts and specialists assisting them shall not disclose the confidential information, which they come across in the course of their work even after quitting the service.

    • Article 95

      Criminal lawsuit shall be referred to the Committee for Settlement of Finance Violations and Disputes by the Governor or his deputy.

    • Article 96

      SAMA shall refer crimes and violations that are not within its jurisdiction to the body concerned with investigation and prosecution.

    • Article 97

      SAMA may exempt Finance Companies from some of the provisions in this Regulation without prejudice to the provisions of the Law and as required by the conditions of the sector.

      This Article has been added pursuant to His Excellency the Governor's Decision No. 66/M SH T, dated 09/07/1439H.

    • Article 98

      Compliance with Articles (78, 79, 81, 82, 83 and 84) of the Implementing Regulation of the Finance Companies Control Law is optional when dealing with small, medium and large enterprises.

      This article has been added pursuant to His Excellency the Governor's Decision No. 72/M SH T, dated 20/06/1440H.

    • Article 99

      Companies and establishments engaging in finance activities in the Kingdom of Saudi Arabia prior to the Law’s entry into force must provide SAMA, within the first nine months of the period prescribed in Article (36) of the Law, with their plan to correct their situation according to the Law or a plan to exit the market.

    • Article 100

      A committee, or more, will be formed by a decision of the Governor to be responsible for presenting the proposals and recommendations necessary to develop the finance sector.

    • Article 101

      The necessary rules and instructions for the implementation of regulatory and supervisory requirements of the finance sector shall be issued by a decision of the Governor.

    • Article 102

      This Regulation comes into effect as of the date of its publication on the official gazette.