Regulatory Alerts2020-06-20
Circular Re. Issuance of Controls for Registration Procedures in the Contract Registry and Data Requirements for Registration; Provisions and Procedures for Third-Party Access to the Registry
The Saudi Central Bank (SAMA) issued Decision No. 94/MT to establish binding controls for the registration of finance lease contracts, including mandatory data requirements and third-party access protocols. The regulations mandate that lessors register contracts and modifications within ten working days and require registered lease companies to maintain secure, unified records under SAMA's supervision. Furthermore, the document defines strict confidentiality exceptions, allowing specific entities such as courts, SAMA, and licensed financial institutions to access registry data upon proper authorization.
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