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.
SAMA may, taking into account the considerations in Paragraph (2) of this Article, determine that the Cross-Border Payment System does not need to be licensed pursuant to the provisions of the Implementing Regulations or that certain provisions and obligations will not be applied or waived, in the event that the conditions of the Cross-Border Payment System comply with the following:
In addition to the Kingdom, it or its Operator operates or will operate in one or more additional jurisdictions.
(2)
In making such a determination, SAMA shall take into account the following considerations:
(a)
The extent to which the Payment System is or will be subject to a regulatory regime and lead or co-supervision by one or more overseas authorities outside the Kingdom, taking into account the nature and basis of that regime and supervision and whether SAMA has an adequate basis for co-operation with such authorities;
(b)
The accepted alternate basis for licensing on which SAMA can supervise and enforce the Payment System’s operations as they relate to the Kingdom, including as to rights to information, to give direction and to enforce non-compliance;
(c)
The extent to which an alternate basis of oversight and regulation of the Payment System facilitates SAMA having regard to the objective of the Implementing Regulation; and
(d)
The extent to which SAMA is able to supervise and ensure the Payment System’s compliance with the PFMI and is able to meet the responsibilities of market regulators identified under the PFMI.
(3)
SAMA shall announce the decision taken with regard to dealing with the Cross-Border Payment System and clarify the approach adopted in this regard, taking into account the principles of transparency and disclosure.
(4)
Where a Cross-Border Payment System falls within Paragraphs (a) and (b) of Paragraph (1) of this Article, and it or its Operator conducts additional Payment System business outside the Kingdom or otherwise settles Payment Orders to overseas Members, the following must apply:
(a)
There must be a Memorandum of Understanding in place between SAMA and the competent authority of the relevant jurisdiction in relation to the supervision of Payment Systems; and/or
(b)
SAMA must be satisfied that the jurisdiction in question is regulated on a basis that is equivalent or otherwise enables SAMA to supervise the Systemically Important Payment System in terms of information exchange, cooperation and enforceability.
