| | 1. | The SAMA shall carry out its duties and powers in accordance with the provisions of the Law and all relevant regulations and policies, taking into account the best international standards and practices. |
| | 2. | The SAMA shall monitor and supervise the relevant payment services, and in particular: |
| | | | A. | Licensing entities providing one or more relevant payment services in accordance with the provisions of the Law and Regulations. |
| | | | B. | Issuing and amending regulations, rules, instructions and circulars in relation to the provision of relevant payment services. |
| | | | C. | Following up and supervising the compliance of payment service providers with the provisions of the Regulation and all relevant regulations, rules, instructions and circulars issued by the SAMA. |
| | | | D. | Following up and supervising the compliance of payment service providers and occupants of senior positions to the best governance standards. |
| | | | E. | Taking the necessary executive or corrective measures regarding violations of the provisions of the Law and Regulations, and all other relevant regulations, rules, instructions and circulars issued by the SAMA. |
| | | | F. | Dealing with complaints and the mechanism for resolving the same. |
| | | | G. | Establishing and maintaining a public register of payment service providers. |
| | | | H. | Suspending or revoking the licenses of payment service providers in accordance with the powers granted to the SAMA under the Law. |
| | 3. | The SAMA assumes the responsibility for monitoring and supervising payment systems, and in particular: |
| | | | A. | Licensing entities to operate payment systems in accordance with the provisions of the Law and Regulations. |
| | | | B. | Classifying the payment systems depending on the “Significant Payment system” criteria. |
| | | | C. | Issuing regulations, rules, instructions and circulars in relation to the operation of payment systems, taking into account the provisions set forth in the Principles for Financial Market Infrastructures. |
| | | | D. | Following up and supervising payment system operators’ compliance with the provisions of the Law and Regulations, as well as all relevant regulations, rules, instructions and circulars issued by the SAMA. |
| | | | E. | Exercising powers in relation to payment systems, including - but not limited to - ensuring the application of final settlement provisions and provisions for dealing with the bankruptcy of payment systems and their members. |
| | | | F. | Following up and supervising the compliance of payment system operators and occupants of senior positions to the best governance standards. |
| | | | G. | Taking executive or corrective measures regarding violations of the provisions of the Law and Regulations, as well as all relevant regulations, rules, instructions and circulars issued by the SAMA. |
| | | | H. | Dealing with complaints and the mechanism for resolving the same. |
| | | | I. | Maintaining a public register of payment system operators. |
| | | | J. | Suspending or revoking the licenses of payment system operators in accordance with the powers granted to the SAMA under the Law. |
