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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
SAMA may, taking into account the provisions of Paragraph 2 of this Article, decide to exempt the cross-border payment system from obtaining a license in accordance with the provisions of the Regulations or decide not to apply, or exempt from, certain provisions or obligations, if the conditions of the cross-border payment system are consistent with the following matters:
It is a worker, or will work, in other countries in addition to his work in the Kingdom.
2.
SAMA shall, when issuing a decision to exempt or exclude the cross-border payment system, take into account the following considerations:
A.
The extent to which the payment system is subject, or may be subject, to a law or supervisory authority or engagement in supervisory roles by one or more parties outside the Kingdom, taking into account the basis and nature of the competences of these parties and whether SAMA has an appropriate basis for cooperation therewith.
B.
The existence of a basis acceptable to SAMA as an alternative to licensing that enables SAMA to supervise the operations of the payment system executed in the Kingdom, including the right to obtain information, issue directives and apply non-compliance procedures.
C.
The extent to which the alternative basis regarding regulating and monitoring payment systems contributes to facilitating SAMA’s achievement of the objectives of the Regulations.
D.
The extent of SAMA’s ability to supervise the payment system and ensure its compliance with the Principles for Financial Market Infrastructure and its ability to fulfill the responsibilities of supervisory authorities specified under the Principles for Financial Market Infrastructure.
3.
SAMA shall announce the decision taken regarding dealing with the cross-border payment system and explain the approach adopted in respect of doing so, taking into account the principles of transparency and disclosure.
4.
If the cross-border payment system is subject to the provisions of Paragraphs 1.A and 1.B of this Article, and the payment system - or its operator - carries out additional payment systems business outside the Kingdom or settles payment orders for members outside the Kingdom, the payment system operator shall comply with any of the following requirements:
A.
There shall be a valid memorandum of understanding between SAMA and the competent authority in the relevant country in relation to the supervision of payment systems.
B.
It shall be proven to SAMA that the relevant country has a similar law or regulation that enables SAMA to supervise the significant payment system, in terms of information exchange and powers of cooperation and execution.
