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 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.
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Effective from Mar 01 2020 - Feb 29 2020 To view other versions open the versions tab on the right
1-
The finance support company shall:
a)
provide SAMA with any other data, information, or documents required in accordance with the forms, controls, and instructions and at the time set by SAMA;
b)
provide SAMA with all information and documents related to the company, its activities, partners, or staff immediately upon request;
c)
develop and periodically update a policy on conflict of interest and confidentiality of information;
d)
develop a business continuity plan and a recruitment plan for vacant positions; and
e)
enable SAMA’s specialized staff and auditors to access relevant facilities, documents and data, including digital data, upon request.
2-
The finance support company and its staff shall not conceal or attempt to conceal any information or violations, or refrain from answering any inquiries made by SAMA.
3-
SAMA may take necessary actions to ensure the compliance of finance support company with these Rules, relevant laws, regulations and instructions, such as making supervisory or inspection visits to the company headquarters, meeting its staff and reviewing its systems, procedures and records. SAMA may appoint a third party, at the expense of the company, to carry out any of the procedures taken in accordance with the provisions stated in this Chapter.
4-
If the company violates these Rules or the applicable laws and regulations, or has financial difficulties, SAMA may take one or more of the following actions:
a)
Issue business management instructions to the company’s senior management.
b)
Ban or restrict all or some of the activities.
c)
Prevent directors or senior management from exercising all or some of their duties.
d)
Appoint supervisors to run the business of the company as determined by SAMA.
