| | (1) | An application form as may be required by SAMA;
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| | (2) | A detailed specification of each of the services set out in Article 6 for which a License is requested;
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| | (3) | A draft of articles of incorporation and articles of association of the Applicant, or the authenticated copies if the Applicant is incorporated outside the kingdom, subject to the related laws in the Kingdom;
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| | (4) | A description of the organizational structure of the Applicant showing all department units and their main functions and tasks and the details of the Senior Positions roles;
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| | (5) | A list of all controllers, which sets out the number and percentage of ownership that each controller will own; with submitting the Fit and Proper Form for controllers signed by each controller, as determined by the Requirements for Appointments to Senior Positions, issued by SAMA for all financial sectors.
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| | (6) | The Fit and Proper Form for Senior Positions, as determined by the Requirements for Appointments to Senior Positions, issued by SAMA for all financial sectors.
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| | (7) | A feasibility study shows the target segment, the services to be provided, the proposed business model, and the strategy of the Applicant and signed by the Applicant.
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| | (8) | A three-year business plan that sets out at least the following:
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| | | | (a) | A detailed description of the activities for which a License is requested, products and a marketing plan;
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| | | | (b) | Estimated financial data, projected annual revenue, expenses, financial margins and targeted growth rates, taking into account the requirements of capital adequacy and liquidity assessments of SAMA;
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| | | | (c) | Projected establishment costs and funding thereof;
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| | | | (d) | Projected ongoing financing of operations;
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| | | | (e) | Expansion Plan and branch offices to be established in the Kingdom – if any -;
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| | | | (f) | Plan and programs for monitoring and managing risks and ensuing the effective management of the compliance function;
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| | | | (g) | Recruitment and training plan, including the projected number of employees and the percentage of non-Saudi nationals, in accordance with the related requirement, in each department and each organizational level, and the qualification programs for employees; and
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| | | | (h) | Information on other commercial and investment activities beyond the scope of the Law and the Implementing Regulation that the applicant will conduct directly or under its control or direction (including through a subsidiary); and
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| | (9) | Relevant draft policies and procedures demonstrating the ability to comply with the requirements set forth under the Law and the Implementing Regulation and any other instructions from SAMA;
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| | (10) | An irrevocable bank guarantee issued in favour of SAMA by one of the Licensed Banks in the Kingdom for an amount equivalent to the required minimum capital for the licensed activity or activities for which the Applicant requests to be licensed, in accordance with the model set by SAMA. Such bank guarantee must be renewable automatically until the required capital is paid up in full in accordance with the Implementing Regulation. This guarantee shall be released upon the following cases:
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| | | | (a) | Paying up the capital in full in accordance with the Implementing Regulation. SAMA may require full or partial continuation of the bank guarantee, and may require as additional prudential requirements providing a bank guarantee for a post-licensing stage as it deems appropriate;
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| | | | (b) | Withdrawing the License application; and
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| | | | (c) | Refusal of the License application by SAMA.
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| | (11) | Drafts of proposed material agreements and contracts with third parties, including material agreements and contracts with related parties and external service providers; and
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| | (12) | The Applicant’s business continuity and recovery plans and its wind-down plan, showing how the Applicant will manage liquidity, operational and wind-down risk; if the Applicant is proposing to become a Major PI or Major EMI.
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| | (13) | Any other documents or information that SAMA may request.
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