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.
The Operational Readiness Evaluation Stage has a period of 120 days for Innovators to meet with the compliance requirements set out in the Regulatory Sandbox Assessment Criteria.
The key objectives of the operational readiness stage is to:
↘
Work with the Innovator and hold meetings in regular intervals to monitor progress and ensuring the Assessment Criteria are clearly understood and what format is required for compliance. (a baseline is provided in the guidance note document)
↘
Review the progress being made within the Evaluation Stage by the Innovators towards meeting all the compliance requirements.
↘
Supporting the Innovators on any 3rd party stakeholder engagement, which may be required.
Once the Regulatory Sandbox team has assessed the innovator met compliance requirements, a Letter of Acceptance “LoA” (temporary permission) will be issued with guidelines, customers safeguards, operational parameters and further compliance requirements to be met post commencement of operations.
Deployment of Customer Safeguards
Safeguards are a set of limitations and conditions that Saudi Central Bank may ask the Innovator to put in place in order to ensure an appropriate degree of customer protection, as well as the integrity and soundness of the financial services market throughout the test.
The measures are bespoke to each test, will depend on the nature of the risks identified, and will be proportionate to the impact and probability of those risks occurring or causing consumer detriment. Examples of these are described below although the list is not exhaustive:
■
Limitations on the number and type of consumers that will participate in the test.
■
Limitations on the type and size of transactions.
■
Requirement to carry out system penetration simulations.
■
Additional capital requirements such as ring-fencing funds to ensure redress to consumers should the test result in consumers suffering a financial detriment. Etc.
A list of Innovators, which have a Letter of Acceptance from Saudi Central Bank, will be published on the Saudi Central Bank website under the Regulatory Sandbox section, which can be found at:
