Riyadh, February 20, 2024, The Saudi Central Bank (SAMA) has initiated a process of public consultation regarding the draft Rules for the Valuation of Systemically Important Financial Institutions. These regulations, crafted in collaboration with the Saudi Authority of Accredited Valuers (Taqeem), establish a comprehensive framework to oversee the valuation procedures for the execution of resolution plans concerning financial institutions identified by SAMA as Systemically Important. This designation aligns with the Law of Systemically Important Financial Institutions, as decreed by Royal Decree No. M/38 on December 10, 2020.
Developed within the context of the Kingdom's regulatory landscape and informed by pertinent international standards and practices, the draft rules are designed to safeguard the Saudi financial system and national economy against potential destabilizing impacts within the financial sector.
In an effort to foster transparency and inclusivity, SAMA extends an invitation to all stakeholders, including members of the public, to contribute their insights and feedback on the draft rules. Interested parties are encouraged to share their suggestions and observations within a 15-day window from the date of this announcement. Contributions can be submitted via the Public Consultation Platform "Istitlaa."
