Article 26 of the Saudi Banking Control Law

This is a closing article that sets two basic matters:

• Implementing authority: the law is implemented by the Deputy Prime Minister and Minister of Finance and National Economy. An example of the role the law gives this Minister is Article 25, which provides that he appoints, at the Agency's request, a committee of three persons from outside the Agency to decide violations penalized under the law, and sets the conditions and procedures it follows in its work.
• Date of effect: the law takes effect from the date of its publication, and the article does not state this date itself.

Tying entry into force to the date of publication means that the law's provisions do not bind banks and the persons addressed by them before it is published. Knowing this date is important for anyone who wants to determine when the law's obligations began, and one refers for it to the official date of publication of the law, because the article does not state it.

Anyone who needs to know the effect of the date of effect on an old legal position may consult a lawyer specialized in banking and finance.