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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.
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Effective from 2021-12-27 - Dec 26 2021 To view other versions open the versions tab on the right
5.
Subject to SAMA’s approval, a bank may opt to apply to register itself as Indirect Participant.
6.
A Bank can be a Participant or an Indirect Participant therefore cannot hold both participation statuses at one time.
7.
Upon receiving information as per Article 19 of these Rules, SAMA will assess overall risk before approving Tiered Participation Participant arrangement.
8.
SAMA may define and impose risk exposure thresholds on case-by-case basis, which Indirect Participant has to monitor on a period basis.
9.
Indirect Participant must notify SAMA its expectation on a bi-annual basis to when it is likely to breach thresholds as and if communicated by SAMA.
10.
Indirect Participant must provide an updated information as required by Article 22 of these Rules whenever there is a significant change to risk exposures.
11.
An existing Participant may apply to de-register itself to be Participant and register itself to Indirect Participant subject to SAMA’s approval.
12.
An Indirect Participant may appoint only one Settlement Agent in Saudi Arabian Riyal Interbank Express and shall notify the identity of the Settlement Agent to SAMA in writing at least three (3) months before such service come into effect in Saudi Arabian Riyal Interbank Express.
