Article 20 of the Saudi Payments and Payment Services Law
المادة 20 من نظام المدفوعات وخدماتها
Provides for publishing the Law in the Official Gazette and its taking effect 180 days after the date of publication.
Official text (Arabic)
This article has not been amended since the law was issued.
ينشر النظام في الجريدة الرسمية ويعمل به بعد (مائة وثمانين) يوماً من تاريخ نشره.
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 20 explained in plain English
This article specifies when the Law takes effect; the Law, under Article 1, is the Payments and Payment Services Law. The article has two provisions:
- Publication: the Law is published in the Official Gazette.
- Entry into force: it takes effect 180 days after the date of its publication.
So the Law does not become effective on publication alone, but after this period has passed. The practical value of the period is that it separates publication from the start of application, giving those addressed by its provisions, such as operators of payment systems and providers of their services, time before its provisions begin to apply.
To know the actual effective date, count 180 days from the date of publication in the Official Gazette; that date does not appear in the text of the article itself. The text states one period, 180 days from the date of publication, and does not include different periods for particular provisions.
Anyone who needs to know the effect of the start of application on an existing activity or dealing of his would do well to consult a lawyer specializing in banking and finance and payment systems.
This article follows Article 19, which provides that the Law repeals every provision that conflicts with it.
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 20 of the Saudi Payments and Payment Services Law
When does the Payments and Payment Services Law take effect?
After 180 days from the date of its publication in the Official Gazette.
Does the Law apply from the date of its publication?
No. The article provides that it takes effect 180 days after the date of its publication.
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 18
Provides that the regulations of the Payments and Payment Services Law are issued by decision of the Board of Directors of the Central Bank.
تصدر اللوائح بقرار من المجلس.
- 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.
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.