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 |
Translated Document
Effective from 2016-02-21 - Feb 20 2016
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Based on Article Forty of the implementing regulations for finance companies control law, issued by Royal Decree No. M/51 dated 13/08/1433 H, which states that "The finance company shall provide SAMA 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 Implementing Regulation of the Finance Companies control Law which states that "1. the finance company shall provide SAMA 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 SAMA with its quarterly financial statements and auditor's report at least five working days before their publication". We hope you adhere to the following:"
| First: | The annual risk management report and the audited annual financial statements, reviewed by the audit committee and board of directors, must be submitted to SAMA no later than thirty (30) working days from the end of March, June, September, December every year. | |
| Second: | The quarterly and annual audited financial statements must be submitted to SAMA no later than twenty (20) working days from the end of March, June, September, every year. | |
| Third: | SAMA 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. | |
| Fourth: | Except for the periods specified in (Third) above, the finance company must provide SAMA with its audited annual financial statements and the report of its board of directors by the deadline specified on 15/06/1437 H (corresponding to 24/03/2016). | |
| Fifth: | The Quarterly report on risk management and the audited annual financial statements, along with the prudential data forms, must be sent electronically to the email address with a digitally signed copy on behalf of the company.* | |
| Sixth: | Failure to submit the quarterly reports on risk management and audited financial statements to SAMA will be considered a violation of the implementing regulations for finance companies control law and may lead to the appropriate measures being taken against the finance company. |
*Note: This paragraph has been amended according to Circular No. 108099/99 dated 07/07/1441 H.