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Effective from 2019-07-12 - Jul 11 2019 To view other versions open the versions tab on the right
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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 Saudi Central Bank within 180 days from the date of promulgation of these Rules;
b.
Review All existing outsourcing contracts/agreements against these Rules and seek Saudi Central Bank’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 Saudi Central Bank in the event of any legal or regulatory violation in their outsourcing contracts or agreements.
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Saudi Central Bank 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.
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Saudi Central Bank 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.
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Saudi Central Bank may exempt some operations and activities from some of the provisions of these Rules whenever it deems necessary.
