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Effective from Jun 16 2021 - Jun 15 2021 To view other versions open the versions tab on the right
1.
Without prejudice to any harsher penalty stipulated in any other law, the competent authority shall impose on any financial institution a fine not exceeding 2% of its capital if any of the following violations are committed:
a)
Failure to prepare or update a recovery plan in cases requiring such measures.
b)
Failure to cooperate with the competent authority to prepare or implement the resolution plan, or hindering the implementation of any part thereof.
c)
Failure of the SIFI to notify the competent authority of an actual or potential crisis.
d)
Provision of support by the financial institution to a sister financial institution in violation of Article 11(2) of this Law.
e)
Failure to provide information or documents requested by the competent authority for the purpose of implementing this Law.
f)
Failure to comply with the orders of the competent authority issued in accordance with this Law regarding foreign assets and liabilities without acceptable justification.
2.
The competent authority shall impose on a foreign branch a fine not exceeding five million riyals if it violates Article 30(1) of this Law.
3.
The competent authority may impose the penalties stipulated in paragraphs (1) and (2) of this Article on any member of the management team of the financial institution or the foreign branch who has caused or contributed to the violations referred to in paragraphs (1) and (2) of this Article.
4.
The competent authority shall, when imposing the penalties stipulated in this Article, take into account the size of the financial institution and the gravity and impact of the violation.
5.
An aggrieved party may file an appeal before the competent court within 30 days from notification of the penalty decision.
