Article [104]

Date(g): 13/6/2023 | Date(h): 25/11/1444

Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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1.

The significant payment system operator shall comply with directives and standards, depending on the scope of its classification.

2.

The operator of an unclassified payment system may observe the directives and standards, provided that the following standards are adhered to:

A.	Standards and directives in relation to risk management objectives, in addition to verifying their consistency with his work methodology to ensure the protection and enhancement of financial stability.
B.	Standards and principles commensurate with the nature and size of the payment system and the degree of interconnectedness and complexity of its transactions.
C.	Instructions issued by the SAMA within the framework of the licensing process or the consequences thereof.

3.

The SAMA may impose requirements on payment system operators that are higher than the requirements stipulated in the Principles for Financial Market Infrastructure, based on its assessment of the risks and their potential impact on financial stability.

4.

The payment system operator shall apply these requirements in all cases - and on an ongoing basis - when performing all activities in relation to operating the payment system, including activities relating to performance review, when providing new services or when there are any changes to risk control controls.