Provide SAMA with 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
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 must submit to SAMA the report referred to in Article (Thirty-Nine) of this Regulation, after being discussed and approved by credit and risk management committee and the board, along with the decisions made in this regard." and Article seventy-two of the Implementing Regulation of the Finance Companies control Law which states that "1. The Finance Company must provide SAMA with its audited annual financial statements, auditor’s report, and the Boards report at least five business days before its publishing date. 2. The Finance Company must provide SAMA with its quarterly financial statements and auditor’s report at least five business days before its publishing date." We hope to adhere to the following:"
| First: | Provide SAMA with the quarterly report on risks after discussing it by the Risk and Credit Management Committee and the Board of Directors and approving it, including the decisions taken in this regard within (30) thirty business days from the end of March, June, September and December of each Gregorian year. | |
| Second: | The quarterly and annual audited financial statements must be submitted to SAMA no later than twenty (20) business days from the end of March, June, September of each Gregorian 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) business days from the end of the calendar 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 G). | |
| 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. 108909/99 dated 07/07/1441 H.