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.
A bank’s Board of Directors (or the delegated committee of the Board) must ensure that it approves policies that enable a prudent management of assets and risks associated with PSIAs.
The Board (or the delegated committee of the Board) is responsible to provide effective oversight and monitoring to ensure that PSIAs are managed in the best interests of the IAHs, in line with these Rules. In particular the Board must ensure there is effective oversight of:
a.
Financing and investment activities undertaken on behalf of IAHs;
b.
A sound risk management framework that adequately identifies, measures, monitors and controls risks that are funded by assets funded by PSIAs
c.
The fiduciary duties performed by the bank to ensure that they are in accordance with the terms and conditions of the contracts between the bank and its IAHs
d.
The level of reserves (PER/IRR), to ensure that the level is appropriate and as fair as possible to existing and new IAHs; and
e.
The disclosure of relevant information to IAHs on a periodic basis
