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:
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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.
Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
SAMA may direct the licensee to take one or more corrective measures to ensure its compliance with the provisions of the Law and Regulations or relevant instructions, decisions or circulars, including:
A.
Take any measures to correct the current situation according to the specified method and time period.
B.
Close one of its branches or platforms.
C.
Stop dealing with one or more of its agents or distributors.
D.
Suspend, restrict or prohibit certain services or products.
E.
Establish restrictions and controls for gradual cessation.
2.
Without prejudice to the powers of SAMA under Article 12 of the Law, SAMA shall issue a penalty decision against whoever violates the provisions of the Law and the relevant regulations, instructions or decisions, in accordance with the schedule for classifying violations and determining penalties.
3.
Without prejudice to the powers of the Banking Disputes Committee, the licensee shall, upon the issuance of SAMA’s decision to cancel the license and in accordance with its directives, take the following measures:
A.
Immediately cease to practice the activity relating to the revoked license.
B.
Announce the dissolution of the licensee - in the manner determined by SAMA - taking into account any other requirements under the relevant laws, regulations and decisions.
C.
Enter into liquidation proceedings within a period not exceeding six months from the date of notifying the licensee of the revocation of the license. SAMA has the right to appoint a liquidator to carry out the liquidation process, provided that all of the foregoing is executed in accordance with the relevant regulations.
D.
Preserve and keep records and data at the disposal of SAMA for the period determined thereby, in a manner that does not conflict with the relevant regulations.
4.
SAMA shall follow up on the action plan for implementing corrective measures according to the time period determined thereby.
