Regulatory Alerts2016-06-29
SAIBOR/SAIBID Rates - Implementation of Phase 1 New Requirements
SAMA has amended its circular to mandate all Saudi banks implement Phase 1 requirements for SAIBOR and SAIBID benchmark rates, effective immediately. The updated rules require banks to establish board-approved internal methodologies, designate senior managers for daily rate submissions by 11:00am Riyadh time, and maintain documented evidence of unsecured interbank transactions. Banks must also submit bi-weekly prudential reports on their interbank transactions starting June 15, 2016, while SAMA finalizes the appointment of an independent calculation agent and administrator.
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