Chapter 8: Concluding Provisions

Effective from 2019-01-13 - Jul 09 2019
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19-	The Finance Company shall:
	a.	Develop or update an outsourcing policy, ensure that it is in compliance with these Rules, and provide a copy of the policy duly approved by the Board of Directors to SAMA within 180 days from the date of promulgation of these Rules;
	b.	Review All existing outsourcing contracts/agreements against these Rules and seek SAMA’s non objection for material outsourcing contracts within 365 days from the date of promulgation of these Rules or on renewal of the contract or agreement, whichever comes first; and
	c.	Notify SAMA in the event of any legal or regulatory violation in their outsourcing contracts or agreements.
20-	SAMA may restrict the granting of its non objection to the finance company’s outsourcing of material or non-material functions for a specific period, function, geographical area, or external service provider whenever it deems necessary.
21-	SAMA has the right to ask the finance company to review, modify, or terminate the outsourcing contract or agreement in case of non-compliance with these Rules or any other relevant laws, regulations, rules, controls and instructions.
22-	SAMA may exempt some operations and activities from some of the provisions of these Rules whenever it deems necessary.
23-	Non-compliance with the requirements set forth herein shall be deemed a violation of the Finance Companies Control Law and its Implementing Regulation.
24-	These Rules shall enter into force after 180 days from the day of their promulgation, and shall be published on SAMA’s website.

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