Optional to Adhere 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

Effective from 2018-04-04 - Apr 03 2018
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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/M Sh T dated 14/4/1434 H, which states “The Central Bank shall regulate the financing sector and supervise the operations of financing companies according to the law and regulation, including 2-Taking necessary measures to maintain the safety and stability of the financing sector and fairness in transactions.3-Taking necessary measures to encourage fair and legitimate competition among financing companies.4-Issuing the necessary rules and instructions to regulate the financing sector.

SAMA has decided the following:

First:	Compliance by financing companies with Articles (78, 79, 81, 82, 83, 84) of the Implementing Regulation of the Mortgage Companies Control Law is optional when dealing with small, medium, and large enterprises.
Second:	The terms small, medium, and large enterprises refer to the definitions 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 approval of the definitions of small and medium enterprises operating in the Kingdom.