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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
The competent authority may not amend any of the following rights and liabilities:
1.
Deposits, as determined by the competent authority.
2.
Insurance policies.
3.
Guaranteed liabilities, except where the value of the guarantee exceeds the value of the liability.
4.
Client assets and funds, as determined by the competent authority.
5.
Consignments.
6.
Any liability due in less than seven days, except for liabilities owed to an institution within the same financial group.
7.
Any due liability resulting from subscription to settlement systems.
8.
Dues of employees of the SIFI under resolution, except for performance bonuses.
9.
Liabilities arising from the import of goods and services essential to the daily operations of the SIFI under resolution, including e-services, utility bills, rent, maintenance services, and the like, except for liabilities owed to institutions within the same financial group.
10.
Zakat and social security dues.
11.
Resolution funds dues.
12.
Rights and liabilities which the competent authority considers, when implementing the amendment of rights procedure, important to be excluded entirely or partially from the amendment, to establish financial stability, ensure continuity of the critical activities of the SIFI under resolution, or maintain the value of such liabilities, if the amendment thereof would affect the rights of other creditors more than the exclusion thereof from amendment.
