Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
The Implementing Regulation apply to all Persons that carry out Relevant Payment Services in the Kingdom if any of the following apply:
(a)
Provides Relevant Payment Services from an establishment located in the Kingdom;
(b)
Holds itself out by any means as providing a Payment Service in the Kingdom;
(c)
Invites or induces a Person located in the Kingdom to enter into, or offer to enter into, an agreement in relation to a Payment Service;
(d)
Markets or otherwise promotes any Payment Service to one or more Persons in the Kingdom; or
(e)
Appoints another Person operating from an establishment located in the Kingdom where such appointee:
(i)
Has a mandate to provide a Payment Service in the Kingdom on behalf of the appointer;
(ii)
Accustomed to act in accordance with the instructions of that appointer; and
(iii)
Provides a Payment Service on the appointer’s behalf or invites or induces a Person in the Kingdom to enter into, or offer to enter into, an agreement in relation to a Payment Service.
(2)
The Implementing Regulation apply to all Persons that carry out Payment System operating -whether the Payment Systems Operator is established in the Kingdom or abroad or whether the Payment System is operated in the Kingdom or abroad - if any of the following apply:
(a)
The Payment System operating rules specified rules and conditions for enabling Credit Transfers relating to Payment Transactions initiated by Payers or Payees residing in the Kingdom; or
(b)
The Payment System provides services for the handling and settling of Payment Orders to Members residing in or operating in the Kingdom.
