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Effective from Jun 16 2021 - Jun 15 2021 To view other versions open the versions tab on the right
1.
The foreign branch shall notify the competent authority when the parent financial institution is subject to resolution procedures.
2.
Without prejudice to relevant international agreements and conventions to which the Kingdom is party, the competent authority may, upon its knowledge that the foreign branch is subject to resolution procedures, accept or reject wholly or partially such procedures to achieve the objectives of this Law.
3.
Acknowledgement of resolution procedures taken by a foreign competent authority against a foreign branch shall not prejudice the provisions of the Bankruptcy Law in applicable cases.
4.
Without prejudice to the principle of reciprocity, the competent authority may cooperate with foreign counterparts regarding the impact of initiating resolution procedures on a foreign SIFI in other countries.
