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.
Without prejudice to SAMA’s other powers under applicable laws, regulations and decisions, SAMA may revoke or suspend a License granted to a Licensee in any one or more of the following circumstances:
(a)
A Payment Service Provider has not provided any payment services in the Kingdom for a period of at least six consecutive months;
(b)
A Payment System has not processed any Payments Orders in the Kingdom for a period of at least twelve consecutive months;
(c)
A Licensee notifies SAMA that it intends to cease carrying on the Relevant Payment Services or Payment System operations;
(d)
A Licensee no longer meets or failed to meet the requirements of the License;
(e)
A Licensee fails to inform SAMA, in accordance with the provision of Article 39 of the Implementing Regulation, of a change in circumstances that SAMA deems to be materially relevant to its compliance with the requirements of the Implementing Regulation;
(f)
A Licensee has committed a material breach of a provision of the Law and the Implementing Regulation;
(g)
A Licensee constitutes a threat to the stability of or trust in a Payment System as per assessment by SAMA; or
(h)
SAMA deems that revocation is otherwise desirable in order to protect the interests of Payment Service users or Members or for market protection or the financial stability in the Kingdom.
(2)
Subject to Paragraph (4) of this Article, before suspending or revoking a License, SAMA will notify the Licensee of the reason for the suspension or revocation and allow it thirty calendar days from the date of dispatch of the notification to appeal the decision, the appeal does not affect the validity of the suspension or revocation decision unless SAMA decides otherwise.
(3)
SAMA may take the necessary measures and decisions to close or liquidate the licensed entity upon revocation of its license.
(4)
Where SAMA decides to suspend a License, it may prescribe a certain period for the suspension or notify the Licensee that the suspension will continue until the licensee is able to demonstrate compliance with the licensing conditions and the Implementing Regulation provisions or completion of actions prescribed by SAMA.
