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Optional Adherence with Certain Articles when Dealing with Small Medium and Large Enterprises

No: 391000081077 Date(g): 4/4/2018 | Date(h): 19/7/1439 Status: In-Force

Translated Document

Based on the powers vested to SAMA under the Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433 H, and according to Article Two of the Implementing Regulation of the Finance Companies Control Law issued by the Governor’s Decision No. 2/MFC dated 14/4/1434 H, which states “SAMA shall organize the Finance sector and supervise the business of the Finance Companies in accordance with the Law and the Regulation as the following: including 2-Taking all actions necessary for maintaining the integrity and stability of the Finance sector and fairness of its transactions.3- Taking all actions necessary for encouraging legitimate and fair competition among Finance Companies.4-Issuing rules and instructions required to organize the Finance sector.

I would like to inform you that SAMA has decided the following:

First: Optional commitment by finance companies with Articles (78, 79, 81, 82, 83, 84) of the Implementing Regulation of the Finance Companies Control Law when dealing with small, medium, and large enterprises.
Second: Small, medium, and large enterprises shall have the meanings provided in SAMA Circular No. 381000064902 dated 16/6/1438 H, which refers to the decision of the Board of Directors of the Small and Medium Enterprises General Authority No. (2-1-1438) dated 14/3/1438 H, regarding the adoption of the definitions of small and medium enterprises operating in the Kingdom.