Effective from Dec 01 2021 - Nov 30 2021 To view other versions open the versions tab on the right
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.
