Regulatory Alerts2021-12-28
Approval of the Companies' Memorandums of Association and Their Amendments
The Saudi Central Bank and the Ministry of Commerce have jointly approved the memorandums of association and their amendments for financial institutions. This circular establishes that the Ministry will formally endorse these agreements while confirming that all stipulated terms remain solely the responsibility of the respective companies. Additionally, it clarifies that these approved agreements do not affect the financial standing of the financial institutions, ensuring full compliance with existing SAMA regulations.
Abdulaziz T. Alotaibi From: Payment Policy Sent: Tuesday, December 28, 2021 3:12 PM Cc: Husam A. AlMahmoud; Aiman I. Binkhamees; Dr. Yazeed Aleissa Subject: Circular - Regarding the Approval of Companies' Memorandums of Association and Their Amendments Categories: Blue Category
To: [Relevant Parties] Greetings,
In reference to the Saudi Central Bank's receipt of a telegram from the Ministry of Commerce No. 33380/41 dated 1443/03/04 AH regarding the approval of companies' memorandums of association and their amendments, through which the Ministry outlines procedures for establishing companies and any subsequent amendments in accordance with the Companies Law.
Accordingly, we wish to inform you that the Ministry of Commerce will approve the memorandums of association and their amendments, clarifying the companies' responsibilities as submitted in accordance with the Companies Law. We further emphasize that the contents of these agreements remain solely the responsibility of the companies and do not affect the financial standing of the financial institution, in compliance with related regulations issued by the Saudi Central Bank.
For your information.
Yours sincerely, W.S.A.M.A.G.O.V.SA