1. Without prejudice to the provisions of Article Sixteen of the Implementing Regulation of the Finance Lease Law, the appointment of the head of the Contracts Register and the registrars shall be made after obtaining a letter of no objection from SAMA.
    
2.  The head of the Contracts Register and the registrars are directly linked to the Chief Executive Officer of the Contracts Registration Company or their designee.
    
3.  SAMA has the authority to remove the head of the Contracts Register and the registrars from their positions by a reasoned decision in the event of failure to fulfill their statutory or professional duties.
    
4.  If the registrar of the Contract Register refuses to draft or authenticate any document, the concerned parties have the right to appeal this decision to the company and then to the Central Bank. If the appeal is rejected, they are entitled to take the matter to the competent court.

1. The Head of the Contracts Register is responsible for the registration activities in the registry. They receive entries and any amendments thereto, refer them to one of the contract registrar of the Contracts Registry, and carry out the registration in accordance with the Finance Lease Law, its Implementing Regulation, and this decision.
    
2.   The head of the Contracts Register and the registrars, each within their area of power, are responsible for the accuracy and correctness of the registration of all financial leasing contracts and the content of the data and documents submitted, unless the error is due to an external party. The affected party has the right to appeal to the relevant authorities if it is proven that they have failed to verify the accuracy of the data or to register it in accordance with the prescribed procedures.
    
3.  The Head of the Contract Register shall be directly responsible for the records and registers for a minimum period of ten years from the date of the expiration of the obligations arising from the contract.
    
4. The registrar is provided with an official seal to stamp the transactions they handle. Electronic means may also be used for this purpose, as deemed appropriate.

The head of the Contracts Register and the registrars must adhere to the following obligations:

1. They are to perform their duties at their place of work, and they may also carry out their duties at the lessor's premises, with the lessor bearing the associated costs.
    
2. Verify the identity of the contracting parties or their representatives based on official documents issued by the competent authority for identity verification.
    
3. Verify the eligibility of the contracting parties or their representatives, and their qualifications to enter into contracts.
    
4. Verify the accuracy of the documents and decisions issued in the Arabic language, and it is permissible to authenticate those issued in a foreign language after being translated into Arabic by an approved translator. The authentication should be done by both the original and translated versions together.
    
5. Hold all contract registers necessary to record transactions and classify them according to what is determined by SAMA.
    
6. The preservation and organization of the records in the Contracts Register must be in a secured location to protect them from any tampering or factors that may affect their integrity, and this should be done in designated areas.
    
7. Stamping the document of ownership of the asset and the contract with the registration number, or taking the necessary measures regarding documents that cannot be stamped, such as real estate ownership deeds, the use of electronic means for the authentication of documents is permitted.
    
8. Adhere to the Finance Lease Law and its Implementing Regulations, and to any instructions issued by SAMA or the relevant authorities in this matter.

This decision is effective from the date of its issuance.