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Article 19

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force
 (1)The Licensee shall receive a non-objection letter from SAMA prior to engaging or participating in establishing any entities or any additional commercial or investment activities or commencing the practice of any of these activities.
 
 (2)SAMA may make it a condition of a License to require the Licensee or Applicant to create a separate legal entity for such business that is beyond the scope of the Law and the Implementing Regulation if such business could:
 
   (a)Impact the Licensee’s financial soundness;
 
   (b)Impact the ability of SAMA to supervise the Licensee;
 
   (c)Impact the Licensee’s ability to comply with the laws, regulations and decisions applicable to it; or
 
   (d)Impact the Licensee in any other way as deemed by SAMA.