Article 9
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Effective from Jun 13 2023 - Jun 12 2023
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A person who seeks to get a license of Payment System Operator, or his representative, shall apply to SAMA for a License and provide the following:
| (1) | An application form as may be required by SAMA; | |||
| (2) | A draft of articles of incorporation and articles of association of the Applicant, or the authenticated copies if the Applicant is incorporated outside the kingdom, subject to the related laws in the Kingdom. A description of the organizational structure of the Applicant showing all departments units and functions and their main tasks; | |||
| (3) | A description of the organizational structure of the Applicant showing all department units and their main functions and tasks. | |||
| (4) | A list of all controllers, which sets out the number and percentage of ownership that each controller will own; with submitting the Fit and Proper Form for controllers signed by each controller, as determined by the Requirements for Appointments to Senior Positions, issued by SAMA for all financial sectors. | |||
| (5) | Fit and Proper Form for Senior Positions, as determined by the Fit and Proper Requirements, issued by SAMA for all financial sectors. | |||
| (6) | The Operating Rules; | |||
| (7) | A description of its systems and controls and a copy of its recovery and wind-down plans where required under Paragraph (1) (f) of Article 105, and an initial self-assessment for the purposes of Article 106 of the Implementing Regulation. | |||
| (8) | A detailed programme of operations (including relevant policies, procedures and a description of systems and controls) that demonstrates the ability to satisfy (on an on-going basis) the REQUIREMENTS SET FORTH under the Law and the Implementing Regulation in a format agreeable to SAMA; | |||
| (9) | An irrevocable bank guarantee issued in favour of SAMA by one of the Licensed Banks in the Kingdom for an amount equivalent to the required minimum capital for the licensed activity or activities for which the Applicant requests to be licensed, in accordance with the model set by SAMA. Such a bank guarantee is renewable automatically until the required capital is paid up in full. This guarantee shall be released in the following cases: | |||
| (a) | Paying up the capital in full in accordance with the Implementing Regulation. SAMA may require full or partial continuation of the bank guarantee, and may require as additional prudential requirements providing a bank guarantee for a post-licensing stage as it deems appropriate; | |||
| (b) | Withdrawing the License application; and | |||
| (c) | Refusal of the License application by SAMA. | |||
| (10) | Drafts of proposed material agreements and contracts with third parties, including material agreements and contracts with related parties and external service providers; and . | |||
| (11) | Any other documents or information that SAMA may request. | |||