Riyadh city
The Saudi Cabinet, chaired by King Salman, recently approved amendments to Finance Companies Control Law.
The official gazette Umm Al-Qura published on Friday details of the amendments, which include the necessity of obtaining the bank’s approval on practicing any non-finance activities, as well as owning an entity practicing any non-finance activities directly or indirectly.
Under the amendments, the finance company’s board member should not be a board member of another finance company practicing the same activity.
The board member should not have multiple jobs of controlling the finance companies and auditing their accounts, in addition to being one of its managers or board members.
The finance company’s board of directors, managers, senior executives, and branch managers, shall be responsible – each within his field of competence – for the company’s violations of the law or its regulations.
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