Article 14: Revocation of License
Effective from Jan 01 2024 - Nov 30 2021
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| SAMA may revoke the license in any of the following cases: | ||
| 1- | Upon a written cancellation request submitted by the Debt-Based Crowdfunding Company, taking into account the rights of the Participants and Institutional Beneficiaries as well as the soundness of the financial system. | |
| 2- | If it is proved that the Debt-Based Crowdfunding Company has provided SAMA with false information or failed to disclose material information that should have been provided for licensing purposes. | |
| 3- | If the Debt-Based Crowdfunding Company has violated the requirements of these Rules, the provisions of finance laws, or SAMA’s instructions. | |
| 4- | If the Debt-Based Crowdfunding Company has not carried out the licensed activities within six months from the date of license issuance. | |
| 5- | If the Debt-Based Crowdfunding Company has suspended its operations for more than three consecutive months or for six non-consecutive months, without obtaining SAMA’s prior written non-objection. | |