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Article Two: General Provisions

No: 41061554 Date(g): 20/6/2020 | Date(h): 29/10/1441

Translated Document

Effective from 2020-06-20 - Jun 19 2020
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  1. If SAMA licenses more than one contract registration company, SAMA shall issue rules for standardizing the registry and provisions for the implementation of registration by these companies.
  2. If SAMA licenses more than one contract registration company, these licensed companies must take necessary measures to ensure the unity of the contract registry data, data exchange among them, and the protection and preservation of the contract registry data.
  3. The company shall establish a registry for financial lease contracts and manage it in accordance with the law, the regulations, and the controls.
  4. The registry shall be owned by SAMA and is subject to its supervision and oversight. The company may not make any changes to it without obtaining written consent from SAMA.
  5. The company must follow the latest technologies and best practices, including organizing secure access to the contract registry data.
  6. The company must exercise due diligence in safeguarding the data and ensuring the accuracy of the information contained in the contract registry.