Regulatory Alerts2018-11-21
Obligation to Obtain SAMA Non-Objection Before Providing Governmental and Non-Governmental Entities with Supervisory and Statistical Data
The Saudi Central Bank (SAMA) mandates that all finance companies operating in the Kingdom must obtain explicit non-objection approval before disclosing periodic supervisory data and unpublished statistical information to any governmental or non-governmental entities. This directive ensures the accuracy and reliability of regulatory reporting, thereby strengthening SAMA’s supervisory oversight and the overall financial resilience of the financing sector. Strict compliance is required to maintain transparency standards and prevent the unauthorized dissemination of sensitive institutional data.
In the Name of Allah, the Most Gracious, the Most Merciful Saudi Central Bank Head Office
General Directorate of Supervision of Finance Companies Ref. No.: ........................................................ Enclosures: ....................................................
Ref. No.: 16570/99 Date: 1440/03/13 Enclosures: None
Circular
To: .................................................................................................
Peace, mercy, and blessings of Allah be upon you,
Subject: Obligation to Obtain SAMA Non-Objection Before Providing Governmental and Non-Governmental Entities with Information, Supervisory, and Statistical Data.
Reference is made to the periodic supervisory data provided to the Bank by finance companies and its importance, which reflects the Bank’s supervisory and regulatory role in the finance sector by working to enhance its resilience and financial adequacy, and to raise the level of financial services and products. In addition, the Bank is keen on improving the efficiency of reports and statistical bulletins by taking the best measures to verify the accuracy of such data and striving to enhance the principle of transparency and clarity by publishing them through all available means.
Accordingly, the Bank emphasizes the necessity for finance companies to obtain the Bank’s non-objection before providing governmental and non-governmental entities with the supervisory data provided to the Bank on a periodic basis and unpublished statistical data.
For your information and compliance.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Finance companies operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Phone: +966 11 4662020, Fax: +966 11 4662488