Article 4
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 12 2023
To view other versions open the versions tab on the right
| (1) | 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. | |||||