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Article 15

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 11 2023
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  1. SAMA may, upon receipt of the license application as stipulated in Article [11] of the Regulations, issue a preliminary approval to the applicant if it is proven to SAMA that the applicant is capable of meeting the licensing requirements, in order to ensure that the applicant does its best to meet other licensing requirements and conditions, provided that these requirements are completed within a period not exceeding a year from the date of issuance of the preliminary approval, and SAMA may - at its independent discretion - extend the period of the preliminary approval for an additional one hundred and eighty calendar days as a maximum.
  2. In addition to the requirements stipulated in Article [14] of the Regulations, SAMA shall specify in its preliminary approval all existing requirements that the applicant shall address in a way that proves to SAMA the fulfillment of the necessary conditions or the absence of any risks in relation to the license, taking into account the period referred to in the Paragraph [1] of this Article.
  3. The applicant shall address the outstanding requirements described in the preliminary approval before the preliminary approval under the Paragraph [1] of this Article ceases to be effective.
  4. The preliminary approval does not grant the applicant the right to practice any service or activity that requires a license from SAMA under the Law.