Law of Payments and Payment Services
Art. 11Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
A SIPS member shall comply with the following:
1. Disclosing to SAMA and to the payment system operator any SIPS of which
he is a member upon the filing or initiation of any bankruptcy or judicial
depository procedures against him, pursuant to the Bankruptcy Law.
2. Notifying the SIPS operator of the filing or initiation of any bankruptcy or
judicial depository procedures, pursuant to the Bankruptcy Law, against any
other member of the same system upon his knowledge thereof, in
accordance with the regulations.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
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