Regulatory Alerts2020-10-12
Added · Updated
Follow up circular for obtaining SAMA NOC prior to nomination, assignment, reassignment, appointment, or reappointment of senior positions in financial institutions
The Saudi Central Bank (SAMA) issued this follow-up circular to clarify that the requirement for obtaining a No Objection Certificate (NOC) applies exclusively to senior management roles, explicitly excluding the Board of Directors. Financial institutions must amend their internal policies to ensure that all senior position holders secure SAMA's prior approval before nomination, appointment, reassignment, or assumption of other leadership levels in public or private entities. This clarification takes immediate effect and mandates compliance across all regulated banking, financing, insurance, credit information, exchange, and payment entities operating within the Kingdom.
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