Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
SAMA may direct the licensee to take one –or more- corrective actions to ensure their commitment to the provisions of the Law and the Implementing Regulation and any relevant instructions, decisions or circulars issued in implementation thereof as follows:
(a)
To take any actions to correct the existing situation in the form and time specified.
(b)
To close one of its branches or platforms.
(c)
To stop using one or more of its Agents or distributors.
(d)
Suspending, restricting or prohibiting specific provided services or products.
(e)
The development of progressive cessation restrictions and controls.
(2)
Subject to the relevant provisions contained in Article 12 of the Law, SAMA shall issue a penalty decision against anyone who violates the provisions of the Law, Implementing Regulation, instructions or relevant decisions in accordance with the classification schedule of violations and the determination of penalties.
(3)
Notwithstanding the competence of the Banking Dispute Committee, the Licensee must, if so directed by SAMA to revoke the license:
(a)
Immediately stop practicing the activity related to the License revoked;
(b)
Announce the dissolution of the Licensee in a manner as prescribed by SAMA, notwithstanding any other requirements under applicable laws, regulations and decisions;
(c)
Enter into liquidation within a period not exceeding six months from the date the Licensee is notified of the License revocation, provided that this is done in accordance with the relevant laws and SAMA has the right to assign a liquidator to carry out the liquidation process; and
(d)
Maintain and keep records and data at the disposal of SAMA for the period it specifies without prejudice to the provisions of the relevant laws.
(4)
SAMA will monitor such corrective action plan in accordance with a timeframe and reporting mechanism that SAMA will stipulate.
