Article 101

SAMA shall consider the following criteria in order to determine whether a Payment System is, or is likely to become, a Systemically Important Payment System: (a) Whether the Payment System could pose a risk to financial stability in the Kingdom or could trigger or transmit systemic disruption to the other Payment Systems. Factors informing this may include size, criticality, interconnectedness to the financial markets and the absence of alternative Payment Systems; (b) Evaluating the Payment System’s degree of connection to financial market infrastructures, whether within or outside the Kingdom, including settlement and clearing systems; (c) The estimated aggregate value, average value, or volume of transfer orders transferred, cleared or settled through the Payment System on a normal day on which the Payment System is operational and the nature of those transfer orders; and (d) The estimated number of direct and indirect Members in the Payment System.