Regulatory Alerts2020-06-21
The Amendment of Some Articles in the Implementing Regulation of the Finance Lease Law
The Saudi Central Bank, through its Deputy Governor for Supervision, has issued Decision No. 93/M Sh T to amend Articles Ten, Seventeen, and Twenty-Five of the Implementing Regulation of the Finance Lease Law. The amendments require lessors to secure non-objection letters for consumer and microfinance lease products prior to launch, mandate that contract registry clerks perform duties at their designated offices (or the lessor’s premises with cost coverage), and establish that certified extracts of registered lease contracts constitute valid executive instruments for compliance. These changes operationalize the Finance Lease Law’s implementation framework by clarifying procedural obligations, cost allocations, and legal enforceability for market participants.