Article 3 :General Provisions

No: 450360390000

Date(g): 17/12/2023 | Date(h): 5/6/1445

Status: In-Force

1.	These Rules aim to:
		a.	Establish licensing procedures and requirements for BNPL activity.
		b.	Set the minimum standards and procedures necessary for carrying out BNPL activity.
2.	BNPL activity shall not be carried out except after obtaining a license from SAMA in accordance with the provisions of the Law, the requirements set forth in these Rules, and any instructions issued by SAMA in this regard from time to time.
3.	These Rules shall not prejudice the provisions of relevant regulations, including, but not limited to:
		a.	The Finance Companies Control Law issued by Royal Decree No. M/51 dated 13/08/1433H.
		b.	The Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA.
		c.	The Cyber Security Framework issued by SAMA.
		d.	The Business Continuity Management Framework issued by SAMA.
		e.	The Financial Consumer Protection Principles and Rules issued by SAMA.
		f.	Debt Collection Regulations and Procedures for Individual Customers issued by SAMA.