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A Payment System Operator shall ensure that the following requirements are complied with in relation to the management and operation of the system, namely:
(a)
The risks of the Payment Systems are robustly managed to ensure their safety and promote financial stability;
(b)
That the operations of the system are conducted in a safe and efficient manner so as to minimize the likelihood of any outage or disruption to the functioning of the system and to achieve a target of at least a 99.98% uptime;
(c)
that there are in place Operating Rules that comply with the requirements specified in Paragraph (2) of this Article and with any requirements set by SAMA relating to the Operating Rules of a Systemically Important Payment System, as well as operational agreements as required;
(d)
That there are in place adequate arrangements to monitor and enforce compliance with the Operating Rules of the system, including arrangements regarding the resources available to the system operator;
(e)
That there are available to the system financial resources appropriate for the proper performance of the system’s particular functions;
(f)
Prepare and annually update recovery and wind-down plans in accordance with the relevant international standards and requirements and consistent with the PFMI
(2)
The Operating Rules of a Systemically Important Payment System must:
(a)
Provide that if a Member becomes bankrupt, he may be suspended from the system;
(b)
Provide default arrangements that are appropriate for the Payment System, and ensure that it is comprehensive for all possible circumstances and cases.
(c)
Provide appropriate and adequate arrangements to deal with the situation where a system operator, a service provider or a settlement institution of the system is likely to become unable to meet its obligations under or in respect of the system.
(d)
Require members to cooperate with SAMA and provide any data, information or necessary documents that may be requested.
(3)
SAMA approval must be obtained before approving the Operating Rules for a Payment System or making any changes thereto.
(4)
A Payment System Operator must ensure that the operations of the system are being conducted in a safe manner, including:
(a)
Verifying the execution and settlement of transfer orders for the purposes of the Payment System and including this in the Operating Rules;
(b)
The reliability and robustness of the operation of the system;
(c)
Access control over the system;
(d)
The integrity of, and access control over, the information held within the system;
(e)
The risk management and control procedures relating to the operation of the system;
(f)
The soundness of the system, including financial soundness; and
(g)
The soundness of the services provided to the system by the infrastructure associated with the system;
(5)
A Payment System Operator must ensure that the operations of the system are being conducted in an efficient manner, including, in& particular, any matter relating to:
(a)
The speed and efficiency with which operations relating to transfer orders within the system are carried out;
(b)
The overall reasonableness cost to a Member of his participation in the system, taking into account the services provided by the system to its Members;
(c)
The reasonableness of criteria for admission as a Member in the system; and
(d)
The reasonableness of measures taken to ensure fair competition, or not to be exploited by the absence of competition, in relation to the functions performed by the system.
(6)
A Payment System Operator must ensure a proper and continued functioning of the Payment System and comply with any instructions issued by SAMA and any relevant international standards (including the PFMI).
