Oversight Approach
| Status: In-Force |
SAMA being a member of Committee on Payments and Market Infrastructure (CPMI) was involved in the development of CPSS-IOSCO Principles for Financial Market Infrastructure (PFMIs). These Principles are international standards and provide baseline for effective risk management in the operations of FMIs. SAMA has committed to fulfill its responsibilities under the PFMIs wherein central banks have been made responsible to adopt and apply the CPSS-IOSCO Principles for Financial Market Infrastructures for the regulation, supervision and oversight of payments and financial settlement systems. It was in this context that SAMA vide its circular letter date 08/10/1434H has made the implementation of PFMIs mandatory. Consequently, SAMA’s oversight approach will be as follows: