Article 11

SAMA shall supervise and monitor the implementation of the provisions of this Law and may, in particular, undertake the following: 1. draft the Implementing Regulations of this Law; 2. determine conditions to be met by companies seeking to provide credit information services, as well as controls and procedures for licensing; 3. issue, renew and amend licenses for credit information companies; 4. set up mechanisms for supervising and monitoring the work of credit information companies; 5. approve work procedures to be followed by members and credit information companies for the application of credit records; 6. detect and investigate violations and prosecute violators before the committee; and 7. determine measures to be taken with respect to credit information in case of revocation of the license of the credit information company, or its dissolution, liquidation or bankruptcy.