Regulatory Alerts2019-07-27
Establishment of a Center for the Registration and Disclosure of Over-the-Counter Derivative Transactions
The Saudi Central Bank has formally approved the Saudi Credit Bureau (SIMAH) to establish a dedicated trade repository for the registration and disclosure of over-the-counter derivative transactions. This authorization is granted under the legal frameworks of the SAMA System, the Bank Supervision System, and the Credit Information System, and explicitly mandates SIMAH's strict adherence to the attached Trade Repository Operator Rules and Regulations. The directive operationalizes a centralized reporting mechanism to enhance market transparency and regulatory oversight for OTC derivatives in the Kingdom.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
General Directorate of Bank Supervision Banking Licensing Division
Ref. No.: Date: 1440/11/25 Attachments: 16 pages
Ref. No.: 70468 / 67 Attachments: - 16 -
Subject: Establishment of a Center for the Registration and Disclosure of Over-the-Counter Derivative Transactions.
His Excellency the Chief Executive Officer Saudi Credit Bureau (SIMAH) Respected
Peace, mercy, and blessings of Allah be upon you,
Based on the authorities delegated to the Saudi Central Bank and pursuant to the Saudi Central Bank System issued by Royal Decree No. (23) dated 1377/05/23 AH, the Bank Supervision System issued by Royal Decree No. (M/5) dated 1386/02/22 AH, and the Credit Information System issued by Royal Decree No. (M/37) dated 1429/07/05 AH.
We hereby inform you of the approval granted to SIMAH to establish a Center for the Registration and Disclosure of Over-the-Counter Derivative Transactions, subject to compliance with the attached instructions and regulations (Trade Repository Operator Rules and Regulations).
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Meshal P.O. Box 2992, Riyadh 11169, Central Telegraph, Telex 404400, Tel: 4633000, Fax: 4662119