Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
The licensee shall obtain a letter of no objection from SAMA before making or occurring any of the changes stipulated in Paragraph [2] of this Article, in addition to providing the reasons for these changes, as well as the necessary data or information, including the proposed date for making the change.
2.
Changes include:
A.
Change in the licensee’s data and information, including - but not limited to - the following matters:
1.
Regular name [as shown in official records] and trade name.
2.
The office of the headquarters.
3.
The registered address within the Kingdom.
4.
Opening or closing branches.
5.
Contact information for a member occupying a senior position who is the main communication officer with SAMA.
6.
Website.
7.
Commercial registers information for its affiliated establishments, if any.
B.
Change in the conduct, management or financing of the licensee’s business, including - but not limited to - the following:
1.
Any proposed restructuring, reorganization or expansion of the business, in which case a detailed explanation shall be provided of any expected changes in the level of risks to which the licensee may be exposed.
2.
Any action that may lead to a material change in the financial resources of the licensee.
3.
Changes to existing arrangements for assigning substantive tasks or new agreements.
C.
Changes to the procedures and controls involved in documenting approved mechanisms for protected funds.
D.
Changes that are made to the persons occupying senior positions of the licensee or that affect the competence and eligibility of any controller or any person occupying senior position.
E.
Changes to the policy of determining the limit of client transactions or other requirements stipulated in Article [70] of the Regulations.
F.
Changes to commercial activities that are not subject to the provisions of the Regulations.
G.
Any other changes determined by SAMA.
3.
The licensee shall obtain prior written approval from SAMA if he wishes to offer his shares or part thereof for public subscription.
