Referring to Article 69 of the Executive Regulations of the Finance Companies Control Law, which stipulates that "A finance company must obtain a letter from SAMA indicating no objection before appointing individuals to the following positions and tasks:1-Membership in the Board of Directors and committees arising from the board. 2-The Managing Director, CEO, General Manager, their deputies, the Financial Director, and Directors of key departments, or their deputies. 3-Managers of oversight functions, such as Internal Audit, Risk Management, Compliance, or their deputies."Without prejudice to the requirements for appointing to leadership positions in financial institutions under SAMA’s supervision, as issued by SAMA’s Circular No. 341000115396 dated 25/09/1434 AH, the Cyber Security Framework in the Financial Sector issued under Circular No. 381000091275 dated 28/08/1438 AH, and Circular No. 391000083333 dated 26/07/1439 AH regarding the rules for establishing a Customer Care Department in financing companies. Based on the observed differences in practices related to determining the key department managers in financing companies or their deputies, which require prior approval from SAMA before their appointment.

SAMA would like to clarify that "key department managers or their deputies," as mentioned in the Executive Regulations of the Finance Companies Control Law, refers to the managers of the following functions and their equivalents or deputies: Credit Manager, Operations Manager, and Anti-Money Laundering Manager (if separate from the Compliance Manager). For other function managers associated with the CEO, other than the above-mentioned roles, it is sufficient to notify SAMA upon appointment or resignation.