Chapter 3 Senior Positions that Require SAMA’s Non-objection
| No: 199400000067 | Date(g): 9/9/2019 | Date(h): 10/1/1441 |
| 7. | The Financial Institution shall obtain SAMA’s written non-objection on the nomination of the members of the board of directors, as well as the appointment, interim appointment and renewal of interim appointment of any person to carry out the tasks and responsibilities of the senior management positions indicated in the appendices especially prepared for each Financial Institution as follows: | |
| Appendix (1): Senior Positions in banks operating in Saudi Arabia that require SAMA’s written non-objection. | ||
| Appendix (2): Senior Positions in credit bureau companies operating in Saudi Arabia that require SAMA’s written non-objection. | ||
| Appendix (3): Senior Positions in insurance and reinsurance companies and insurance service providers operating in Saudi Arabia that require SAMA’s written non-objection. (SAMA may require insurance service providers to obtain written non-objection for some or all senior management positions specified for insurance and/or reinsurance companies). | ||
| Appendix (4): Senior Positions in finance and refinance companies and contract registration companies operating in Saudi Arabia that require SAMA’s written non-objection. | ||
| Appendix (5): Senior Positions in money changers operating in Saudi Arabia that require SAMA’s written non-objection. | ||
| Appendix (6): Senior Positions in payment and fintech companies operating in Saudi Arabia that require SAMA’s written non-objection. | ||
| 8. | Candidates for Senior Positions shall not assume their responsibilities, exercise their roles or announce their appointment or interim appointment prior to obtaining SAMA’s written non-objection. | |
| 9. | The Financial Institution must obtain SAMA’s written non-objection on interim appointment to senior management positions, provided that the term of the appointment does not exceed six months, renewable for one term with the approval of SAMA. SAMA’s written non-objection shall not be required for interim appointment that do not exceed (20) business days. | |
| 10. | The Financial Institution shall submit the requests for SAMA’s written non-objection on the nomination of the members of the board of directors, or the appointment, the interim appointment or the renewal of interim appointment term for senior management positions accompanied by the required documents according to Appendix (B) herein, within a period not exceeding (30) business days from the date of holding the General Assembly meeting during which the member of the board of directors will be elected, or within a period not exceeding (20) business days from the expected date of the appointment of the candidate to the senior management position, as the case may be. | |
| 11. | While making any job offers for appointment and interim appointment to Senior Positions, The Financial Institution shall inform candidates that such positions require obtaining SAMA’s written non-objection. | |
| 12. | The Financial Institution shall establish policies, standards and procedures for nomination to Senior Positions to ensure that all candidates and position holders meet and continue to meet the fitness and propriety criteria set forth in these Requirements and in the Financial Institution's policy throughout their tenure, taking into consideration the provisions of the relevant laws, regulations, policies and instructions. Such policies, standards and procedures shall, as a minimum, include the following: | |
| a. | the minimum fit and proper criteria as stated in the Requirements; | |
| b. | procedures for conducting fit and proper assessments; | |
| c. | procedures to be taken when holders of Senior Positions do not meet all the criteria; and | |
| d. | requirements of reviewing and updating the policy from time to time, and as needed. | |
Additional provisions pursuant to SAMA Circular No. (42007671) dated 12/02/1442.
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