Regulatory Alerts2022-11-10
Not combining two jobs in more than one exchange center, and emphasizing the requirements of Saudization of jobs
The Saudi Central Bank mandates that exchange centers prohibit their employees from holding two jobs simultaneously across multiple centers and strictly enforce job Saudization requirements. Exchange centers must verify compliance, implement corrective measures within six months of the circular's issuance, and formally notify the Bank. Furthermore, they must adhere to Circular No. 21755/41 by restricting all sector activities exclusively to Saudi nationals and refraining from securing non-Saudi employment permits through other authorities.
Saudi Central Bank
Reference No.: 44033454 | Date: 1444/04/16H | Attachments: None
Circular
To: Respected Exchange Centers, Greetings,
Subject: Not combining two jobs simultaneously in more than one exchange center, and emphasizing the requirements of job Saudization.
Based on the authorities granted to the Saudi Central Bank under its system issued by Royal Decree No. (M/36) dated 1442/04/11H, and the regulations governing exchange activities issued by Ministerial Decision No. (4686) dated 1441/11/21H, with reference to paragraph (b) of Article (Fourteen) and paragraph (b) of Article (Twenty-One) of the regulations governing exchange activities, and based on the requirements for appointing executive positions in financial institutions supervised by the Saudi Central Bank, as well as the principles of conduct and business ethics in financial institutions issued by the Saudi Central Bank.
In light of observations that some employees of exchange centers hold two jobs simultaneously in more than one exchange center, along with non-compliance with the Central Bank's instructions regarding job Saudization, exchange centers are required to comply with the following:
First: Exchange centers shall not allow their employees to hold two jobs simultaneously in more than one exchange center. Exchange centers must verify compliance and take necessary corrective actions within a period not exceeding (six months) from the date of this circular, and notify the Saudi Central Bank thereof.
Second: Compliance with the Central Bank's circular No. (21755/41) dated 1440/04/06H, which stipulates that all activities in the sector are restricted to Saudi nationals, and refraining from applying to any other authority for obtaining non-Saudi employment permits.
For information and implementation as of its date, exchange centers are required to take the necessary regulatory actions to implement and comply with this circular.
Yours sincerely,
Yazid bin Ahmed Al-Sheikh Deputy Governor for Supervision
Authorized Signatory Distribution Scope:
- Exchange centers operating in the Kingdom
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Phone: +966 11 463 3000