Article 41
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Effective from Jun 13 2023 - Jun 12 2023
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| (1) | A Licensee that is incorporated in the Kingdom must obtain prior written approval from SAMA in the event that any Person wishes to become a Controller or to increase their level of control. | |||
| (2) | Upon receiving a request under the above Paragraph of this Article, SAMA may approve or reject the request to add the Controller or increase the level of control or impose any conditions on the Licensee or Controller. | |||
| (3) | Where SAMA proposes to approve a proposed Controller or an increase in the level of control in the Licensee, it shall do so in writing within ninety calendar days of the receipt of a completed application; | |||
| (4) | TAn approval, including a conditional approval granted by SAMA pursuant to this Article, is valid for a period of six months from the date of the approval unless an extension is granted by SAMA in writing. | |||
| (5) | A Person who has been approved by SAMA as a Controller must comply with the relevant conditions of approval. A Licensee shall not enable the Person who has been notified by SAMA as unacceptable to proceed with the proposed acquisition of control of the Licensee. | |||
| (6) | In the case of the Licensee being a branch of an entity that is incorporated outside the Kingdom, a written notification to SAMA must be submitted by a Controller or a Person proposing to become a Controller of that Licensee or proposing to exceed the level of control. | |||
| (7) | A Controller who proposes to stop being a Controller or who proposes to decrease their level of control must notify SAMA before taking any action that results to decrease their level of control. | |||