Ensuring Prompt Responses to Judicial Authorities and their Requests
| No: 230700000041 | Date(g): 23/5/2018 | Date(h): 9/9/1439 | Status: In-Force |
Translated Document
Referring to SAMA Circular No. 351000036574 dated 20/03/1435 H regarding the obligation of entities under SAMA's supervision to prompt implementation of judgments and judicial decisions without delay or procrastination.
Given the observation that some entities are not complying with requests from judicial authorities and responding to their inquiries within the legally specified deadlines in lawsuits in which they are involved, this leads to prolonged litigation and hinders the consideration and resolution of cases, thus overburdening the judicial authorities. This can have negative effects on the reputation of the financial sector and harm interests and rights, while also avoiding legal penalties on (establishments and employees) that may arise from failure to respond to judicial authorities.
SAMA emphasizes to all entities under its supervision the necessity of promptly responding to judicial authorities in lawsuits brought before them, adhering to the legal deadlines for responses, and ensuring the receipt and implementation of judicial judgements and decisions as soon as possible. SAMA will take the necessary legal measures in case of delays or procrastination in this regard.