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Article 102

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
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 1. SAMA shall notify the payment systems operator when the evaluation process begins according to the classification criteria referred to in Article 101, taking into account the possibility of starting the evaluation process simultaneously with the applicant’s licensing procedures, as well as the possibility of repeating the same more than once according to the cases determined by SAMA, including - but not limited to - if the previous evaluation process resulted in recommendations for re-evaluation or if the results of the criteria evaluation show the possibility of the payment system becoming a significant payment system.
 2.The payment systems operator, its employees, senior management, members of its board of directors, basic service providers, their agents and any relevant persons shall cooperate with SAMA and provide it with all documents, information and data relating to the features of the payment system and clarify the extent of their linkage to the classification criteria.
 3.

 SAMA may request the payment system operator or the relevant person - whether established inside or outside the Kingdom, owning a headquarters inside or outside the Kingdom or cooperating with an establishment inside the Kingdom - to take the following measures: 

A.Provide data, information, documents or papers in relation to the payment system and its transactions as determined by SAMA.
B.Enable SAMA to access the employees of the payment systems operator or any of the relevant persons or representatives.
C.Submit the necessary reports or evaluations to facilitate the evaluation process as determined by SAMA.
 4.Without prejudice to applicable regulations, SAMA may coordinate with any central bank or regulatory authority in other countries for the purpose of requesting data, information or documents relating to the evaluation process.
 5.SAMA shall determine the duration of the evaluation process based on the specific circumstances of each case, including the nature of the payment system and the degree of complexity and interconnectedness of its transactions.
 6.Before making the classification decision, SAMA may coordinate with the official representative of the operator of the payment system being evaluated and the international bodies competent to monitor or supervise the same.
 7. SAMA shall notify the payment system operator of the result of the evaluation process. The notification shall include details of the scope of the classification, including the effective date of the classification - for the purposes of the payment system’s compliance with the provisions of the Law and Regulations, the rules for operating the payment system being evaluated and the activities that may be carried out through the payment system in the event that it is classified as a significant payment system.
 8. SAMA shall publish the decision to classify the payment system as a significant payment system and register the same as a significant payment system in its public register.
 9.SAMA may include payment system operators subject to its supervision in the register of licensed payment system operators, after fulfilling the relevant requirements.
 10. SAMA may direct the significant payment system operator to suspend or modify any of the payment system operations, in accordance with the provisions of the Law and Regulations and the measures determined by SAMA.