Article 11 of the Saudi Credit Information Law

This article specifies the body that supervises the Law: the Institution, that is, the Saudi Arabian Monetary Authority as defined in Article 1. It has the task of supervising and overseeing the application of the Law, and in particular:

1. Preparing the Law's Implementing Regulations.
2. Setting the conditions that must be met by companies wishing to provide credit information services, and the controls and procedures for licensing them.
3. Issuing, renewing and amending licenses of credit information companies.
4. Setting the mechanisms for supervising and overseeing these companies' work.
5. Approving the work procedures that members and companies follow to apply credit records.
6. Detecting violations, investigating them and prosecuting violators before the committee.
7. Setting the procedures to be taken regarding credit information when a company's license is cancelled or the company is dissolved, liquidated or goes bankrupt.

The phrase "in particular" means these tasks are prominent examples and do not limit everything that falls within supervision and oversight. The article does not itself state the licensing conditions or the details of the procedures; it makes setting them one of the Institution's tasks.

This article is linked to Article 10 on keeping information and the record of requests, and to Article 12, which lists violations, including practicing the activity of credit information companies without a license from the Institution and companies' breach of license conditions and controls. The Institution is the body that detects these violations and prosecutes those who commit them.

Anyone wishing to set up a credit information company, or facing a supervisory action, would do well to consult a lawyer specializing in banking and finance.