Regulatory Alerts2022-11-30
Lessors are responsible for the correctness of the data provided when requesting the issuance of extracts of the executory deed of the registered financial lease contract
The Saudi Central Bank confirms that lessors bear full responsibility for the accuracy of data submitted when requesting executory deed extracts for registered financial lease contracts. This obligation requires lessors to provide evidence meeting the stipulated procedural rules, ensuring that any data inaccuracies do not prejudice lessees' rights. Contract registration companies retain their verification duties and must obtain formal declarations from lessors confirming compliance with applicable regulations prior to issuing the extracts.
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