Article 15: Revocation of License
Art. 15Status unknownSaudi ArabiaRegulation
Issued by Saudi Central Bank (SAMA) Rulebook
The bank may revoke the license in the following cases: 1. Upon the request of the finance support company, taking into account the rights of the creditors and beneficiaries as well as the soundness of the financial system. 2. If the finance support company has submitted false information or failed to disclose material information that should have been provided for licensing purposes. 3. If the finance support company has violated the requirements of these Rules, the provisions of finance laws, or the bank’s instructions. 4. If the finance support company has not carried out the licensed activities within (6) months from the date of issuance of license. 5. If the operations of the finance support company have been suspended for more than (3) consecutive months, or for (6) non-consecutive months without obtaining the bank’s prior written no-objection.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
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