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Obligations of the Payment and Financial Settlement Infrastructure
Status: In-Force
The primary responsibility for ensuring the safety and efficiency of the payment and financial settlement infrastructure lies with the owners and operators of the infrastructure. In order to ensure this, payment and financial settlement infrastructure in line with PFMIs (Principle 23) are required to assess themselves against the PFMI at least once a year or as mandated by SAMA from time to time. Payment and financial settlement infrastructures are also required to disclose publicly responses to PFMI in line with CPSS-IOSCO Disclosure Framework for Financial Market Infrastructures.
By complying with the Principles, the payment and financial settlement infrastructure should be able to demonstrate that:
1.
Infrastructures operated by them are safe and efficient.
2.
They have proper procedures in place for identifying and managing risks specifically focusing on credit, liquidity, settlement, and operational risk in their respective business activities;
3.
They are complying with the relevant SAMA rules and regulations and any additional requirements issued by SAMA from time to time.
4.
They have sufficient MIS to provide relevant information or documents as required by SAMA from time to time.
