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:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
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.
The license applicant must complete the license application as described in Sections III and IV above and submit the application to SAMA along with all the attachments listed in the application's checklist.
After completion of the application, SAMA will notify the applicant, in writing, of its initial approval or reasoned rejection within 30 business days. SAMA's initial approval must not be considered a license or permission to practice the activity.
4.
The application is referred to the Ministry of Commerce to finalize the procedures for establishing the company and registering it in accordance with the Companies Law. The company must provide SAMA with the following: a. a copy of the commercial register indicating the activity licensed according to SAMA's initial approval (within six months from the initial approval date). b. a copy of the memorandum of association and the articles of association after the company's establishment. c. proof of full payment of the capital and any additional initial funding indicated in the business plan. d. proof that all necessary steps to start practicing the activity have been taken, such as recruiting human resources and procuring systems and equipment.
5.
The company must provide SAMA with proof that the company has obtained the Legal Entity Identifier (LEI) from the Saudi Operating Unit accredited by the Global Legal Entity Identifier Foundation (GLEIF).
6.
SAMA's staff will visit the company's premises, meet the executives, and review the regulations, procedures and records to verify that the regulatory requirements are met and that the company is ready to practice the activity.
7.
SAMA will issue a decision to grant the license after the company fulfills the requirements mentioned in this Section's Paragraphs (4) and (5).
