Quarterly Risk Reports, Audited Annual Financial Statements and Quarterly Financial Statements of Finance Companies
| No: 371000052766 | Date(g): 14/2/2016 | Date(h): 7/5/1437 | Status: In-Force |
Effective from 2016-02-21 - Feb 20 2016
To view other versions open the versions tab on the right
Based on Article Forty of the executive regulations for monitoring finance companies, issued by Royal Decree No. M/51 dated 13/08/1433 AH, which states that "the finance company shall provide the Central Bank with an annual report referred to Article thirty nine of this regulation, reviewed by the audit committee and board of directors and approved by them," and Article seventy-two of the Executive Regulation of the Financing Companies control system which states that "1. the finance company shall provide the Central Bank with its audited annual financial statements, reviewed by the audit committee and approved by the board of directors, along with the auditor's report at least five working days before their publication. 2. finance companies must provide the Central Bank with its quarterly financial statements and auditor's report at least five working days before their publication". We hope you adhere to the following:"
| Firstly: | The annual risk management report and the audited annual financial statements, reviewed by the audit committee and board of directors, must be submitted to the Central Bank no later than thirty (30) working days from the end of March, June, September, December every year. | |
| Secondly: | The quarterly and annual audited financial statements must be submitted to the Central Bank no later than twenty (20) working days from the end of March, June, September, every year. | |
| Thirdly: | The Central Bank must be provided with the audited annual financial statements, reviewed by the audit committee and board of directors, no later than forty-five (45) working days from the end of the year. | |
| Fourthly: | Except for the periods specified in (Third) above, the finance company must provide the Central Bank with its audited annual financial statements and the report of its board of directors by the deadline specified on 15/06/1437 AH (corresponding to 24/03/2016). | |
| Fifthly: | The Quarterly report on risk management and the audited annual financial statements, along with the professional data models, must be sent electronically to the email address (fccpr@sama.gov.sa) with a digitally signed copy on behalf of the company.* | |
| Sixthly: | Failure to submit the quarterly reports on risk management and audited financial statements to the Central Bank will be considered a violation of the executive regulations for monitoring finance companies and may lead to the appropriate measures being taken against the finance company. |
*Note: This period has been amended according to Circular No. 108099/99 dated 07/07/1441 AH.