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Article 11

No: M/26 Date(g): 28/10/2021 | Date(h): 22/3/1443 Status: In-Force
A SIPS member shall comply with the following: 
 
1-Disclosing to SAMA and to the payment system operator any SIPS of which he is a member upon the filing or initiation of any bankruptcy or judicial depository procedures against him, pursuant to the Bankruptcy Law.
 
2-Notifying the SIPS operator of the filing or initiation of any bankruptcy or judicial depository procedures, pursuant to the Bankruptcy Law, against any other member of the same system upon his knowledge thereof, in accordance with the regulations.