Article 7 of the Saudi Payments and Payment Services Law

This article defines the role of the Central Bank: it regulates, supervises and oversees payment systems and their operators and payment services and their providers, under the Law and the regulations. It then lists specific powers, given as particulars and not a closed list, because the text says "in particular":

• Licensing: setting the conditions and controls for issuing licenses and the legal form of operators and service providers, issuing, renewing and cancelling licenses, and setting the fee for issuing and renewing them.
• Solvency: setting capital and financial solvency requirements.
• Products and outsourcing: approving and regulating services and products, and setting the controls for outsourcing tasks and using third parties.
• Classifying systems: setting classifications and controls according to importance, classifying any system as an "important payment system," and setting frameworks for linking systems inside and outside the Kingdom.
• Protection: setting procedures and measures to protect the funds and data of customers, consumers and members, and their rights.
• Crises: setting plans that those subject to the Law must follow to recover and improve their financial positions in the event of severe disruption, or to wind down their activities in good time through an orderly mechanism including liquidation, having regard to the relevant laws.
• Governance and staff: governance and internal control rules, rules for organizing operations and memberships at operators, and fitness and propriety criteria for staff, including those in senior positions.

The details of these conditions and amounts are not in the article but are set by the Central Bank. The article is linked to Article 6 on the finality of orders and settlement, and to Article 8, which imposes direct obligations on operators and service providers.