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.
Effective from 2021-05-05 - May 04 2021 To view other versions open the versions tab on the right
7.1.1
The Direct Participant must ensure that AFAQ Transactions shall be effected solely for Genuine Client Needs. For the purposes of these Rules, Genuine Client Needs means bona fide financial and payment needs of non-banking clients of financial institutions participating in the AFAQ system, including (but not limited to) payments arising from bilateral commercial trade activities, remittances and consumer payments.
7.1.2
The Direct Participant shall place adequate measures to ensure that the Service is utilized in a manner consistent with clause 7.1.1.
7.1.3
The Direct Participant shall not, nor shall it permit any of its clients to engage in or be part of Arbitrage or Speculative Activities to profit from any price differences that may exist from time to time between the Foreign Exchange Rates used within the Service and any rates used in other foreign exchange markets.
