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.
Within the Regulatory Sandbox environment, Innovators may require relaxation/waivers of some of the usual requirements for license applications to facilitate the experiment phase. Examples of the types of exemptions and waivers previously granted, along with others, which are unlikely to be granted:
Example of requirements that can be relaxed/waived
Examples of requirements that are unlikely to be relaxed/waived
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License fees
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Consumer data protection
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Capital and liquidity requirements
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Anti-money laundering and countering the financing of terrorism
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Board composition / governance requirements
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Individuals’ fitness and propriety
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Saudi Central Bank guidelines (non-requirements)
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National and International laws.
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Requirements on consumer disclosures
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Requirements on cyber resilience and cyber security
No Enforcement Action Clause (NAC):
NACs are written commitments made by Saudi Central Bank included in the Innovator’s LoA that it will not take disciplinary action against the Innovator for the duration of the test for as long as the Innovator adheres to the conditions and limitations agreed for the testing. Saudi Central Bank may use NACs in order to incentivize Innovators to be open and transparent in its dealings with them or where it is not possible to issue waivers or informal guidance, (e.g. there is a gap in the regulations in relation to the activities proposed).
NACs can be granted without affecting Saudi Central Bank’s right to suspend or cancel the test should it identify consumer detriment. NACs only address the risk of Saudi Central Bank enforcement action and do not affect the Innovators’ potential legal liability to consumers.
