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(1)
A Systemically Important Payment System must establish rules and procedures as part of its Operating Rules to enable Final Settlement to take place no later than the end of the intended settlement time and date.
(2)
The related rules and procedures must also ensure certainty in terms of circumstances under which Final Payment Orders effected through the Systemically Important Payment System are to be regarded as achieving Final Settlement.
(3)
Notwithstanding Article 6 of the Law, the result of a transfer of Funds and the Final Settlement of a Final Payment Order and Clearing Arrangements and settlement transactions, Default Management Arrangements and Security arrangements will be irrevocable and shall not be reversed, repaid or set aside. The implementation of the above must not conflict with the Procedures defined in Paragraph (6) of this Article.
(4)
In accordance with the application of Articles 6, 9 and 10 of the Law, the Operating Rules of a Systemically Important Payment System must describe the provisions and procedures necessary for all operations and functions, and that including but not limited to:
(a)
Payment orders;
(b)
Settlement procedures;
(c)
Arrangements in relation to Security;
(d)
Clearing arrangements;
(e)
Guarantees; and
(f)
Default management arrangements.
(5)
SAMA may request any documents or reports that prove the Operating Rules’ compliance with all the provisions of this Article in any form it deems appropriate.
(6)
A Systemically Important Payment System must ensure that its Operating Rules are sufficiently clear on the application of Articles 6, 9 and 10 of the Law, and shall state that the Operating Rules:
(a)
The Operating Rules do not conflict with the requirements of protection, validity and binding nature of Final Payment Orders, arrangements in relation to Collateral and Clearing Arrangements; and
(b)
The Operating Rules do not conflict with bankruptcy procedures, resolution procedures, winding up procedures (voluntary or otherwise), and any special administration procedures (or similar measures, howsoever named) that are put in place under applicable legislation and regulations related to the Payment System or its Members where such measures involve the suspending of, or imposing limitations on, the execution or completion of payments resulting from Payment Orders.
(7)
The provisions of Article 6 of the Law do not apply to Final Payment Orders initiated after the expiry of the calendar day in the Kingdom on which the “Procedures” result in a duly published and notified and enforceable order or instruction of the relevant authority for the cessation of business, winding up, bankruptcy or re-organization of the concerned Systemically Important Payment System or its Members (or the expiry of the day that the voluntary winding up is completed).
(8)
SAMA may Exclude a Systemically Important Payment System from some of the provisions of this Article, provided that the exception decision is applied starting from the day following the day on which the decision was issued; the decision shall be published according to the method specified by SAMA.
(9)
SAMA may apply some or all the provisions included in this Article on the Operating Rules of a specific Non-Systemically Important Payment System.
