1.1 Background
| No: 43046288 | Date(g): 27/12/2021 | Date(h): 23/5/1443 | Status: In-Force |
These rules are issued by SAMA in exercise of the powers vested upon it under Saudi Central Bank Law issued by Royal Decree No. M/36 on 11/4/1442 H (26/11/2020 G), the Banking Control Law issued by Royal Decree No. M/5 on 22/02/1386 H (11/6/1966 G) and Council Minister Resolution #226 dated 2/5/1440 H.
This document set out respective rules regulating Indirect Participation within the Real Time Gross Settlement System.
Based on SAMA's own discretion, SAMA can direct a Bank to change its status from Indirect Participant to Participant or vice versa giving sufficient notice period. Similarly, SAMA can also hold, limit, suspend or revoke Settlement Agent status of a Bank giving sufficient notice period.