Article 42
| No: 2/MFC | Date(g): 24/2/2013 | Date(h): 14/4/1434 |
Effective from Feb 24 2013 - Mar 07 2013
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The Finance Company must:
| 1. | Establish an independent department or a compliance function and assign a head of compliance reporting directly to the audit committee, and the audit committee must raise their views about compliance reports to the Board; | |||
| 2. | Develop a written compliance policy approved by the Board, which sets out the rights, obligations and responsibilities of the compliance department, as well as compliance programs and related processes of the compliance function. The audit committee must ensure the implementation of the compliance policy, evaluate its effectiveness, update it and propose the necessary amendments to it on an annual basis; and | |||
| 3. | Take the necessary procedures to ensure that the compliance policy referred to in Paragraph 2 of this Article is adhered to. | |||