Article 104

(1) The Operator of a Systemically Important Payment System must, in relation to its scope of designation, comply with the guidance and standards. (2) An Operator of a Non- Systemically Important Payment System may have regard to the guidance and standards in accordance with: (a) Standards and directions related to risk management objectives and the assurance of its compatibility with the Operator work methodology; to ensure the protection and promotion of financial stability. (b) Standards and principles proportionate to the nature, scale and complexity of the Payment System and Interconnectedness of its operations. (c) Instructions issued by SAMA within the licensing process or after. (3) SAMA may impose higher requirements than the PFMI for Payment System Operators on the basis of risks posed by that Payment System and the potential impact on financial stability. (4) The Payment System Operator should apply these requirements on an ongoing basis in the operation of their Payment Systems and business, including when reviewing their own performance, or proposing new services, or proposing changes to risk controls.