Regulatory Alerts2020-10-05
Acceptance of primary and final guarantees via the Etimad platform
SAMA mandates the implementation of Minister of Finance Decision No. 3555 for preliminary and final guarantees submitted via the Etimad platform. All such guarantees must incorporate an unconditional and irrevocable clause that prevents release or disposal without written consent or upon expiration. This requirement applies to requests delivered through direct or electronic channels, standardizing guarantee management for competitors.
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