Article 18 of the Saudi Payments and Payment Services Law
المادة 18 من نظام المدفوعات وخدماتها
Provides that the regulations of the Payments and Payment Services Law are issued by decision of the Board of Directors of the Central Bank.
Official text (Arabic)
This article has not been amended since the law was issued.
تصدر اللوائح بقرار من المجلس.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 18 explained in plain English
This article specifies the body that issues the regulations and the instrument for issuing them: the regulations are issued by decision of the Board.
To understand the article, refer to the definitions in Article 1:
- The Board is the board of directors of the Central Bank.
- The regulations are the Implementing Regulations and other regulations that the Central Bank issues under the Law.
The article's importance comes from the Law's many references to the regulations: many practical details were not stated in the Law and their setting was left to them, as in Article 17, which makes exempting some persons from licensing requirements subject to what the regulations specify. So anyone who wants the implementation details of a provision in the Law should refer to the regulations issued by decision of the Board of Directors of the Central Bank.
The article does not set a date for issuing the regulations or state their content; it only limits the instrument for issuing them to a decision of the Board. It is followed by Article 19, which provides for repealing every provision that conflicts with the Law.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 18 of the Saudi Payments and Payment Services Law
Who issues the Implementing Regulations of the Payments and Payment Services Law?
The regulations are issued by decision of the Board, which under Article 1 is the board of directors of the Central Bank.
What is meant by the regulations in the Payments Law?
Under Article 1, they are the Implementing Regulations and other regulations that the Central Bank issues under the Law.
More articles on Definitions and Objectives of the Payments Law
- Article 1
Defines the key terms of the Payments and Payment Services Law, such as payment systems and services, payment order, member, customer, consumer, collateral and settlement finality.
يقصد بالكلمات والمصطلحات الآتية -أينما وردت في هذا النظام- المعاني الموضحة أمام كل منها، ما لم يقتضِ السياق غير ذلك: النظام: نظام المدفوعات وخدماتها. البنك المر
- Article 2
Sets three aims of the Law: the soundness of the payments infrastructure, protecting the rights of those who deal with it, and encouraging innovation and competition in this field.
يهدف النظام إلى ما يلي: 1- تعزيز سلامة وكفاية البُنى التحتية لنظم المدفوعات وخدماتها في المملكة. 2- تعزيز حماية حقوق الأطراف المتعاملة مع نظم المدفوعات وخدماتها
- Article 3
Sets the scope of the Law: payment systems and their operators, and payment services and their providers.
يسري النظام على نُظم المدفوعات ومشغليها، وخدمات المدفوعات ومقدميها.
- Article 5
Authorizes the Central Bank to set the cases and criteria in which a person residing outside the Kingdom is treated as operating payment systems or providing their services inside it.
يحدد البنك المركزي الحالات والمعايير التي يُعدّ بناء عليها الشخص المقيم خارج المملكة في حكم المشغل لنظم المدفوعات أو المقدم لخدمات المدفوعات داخل المملكة، لغرض
- Article 19
Provides that the Payments and Payment Services Law repeals every provision that conflicts with it.
يلغي النظام كل ما يتعارض معه من أحكام.
- Article 20
Provides for publishing the Law in the Official Gazette and its taking effect 180 days after the date of publication.
ينشر النظام في الجريدة الرسمية ويعمل به بعد (مائة وثمانين) يوماً من تاريخ نشره.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.