The Market Institutions Deputy contributes to the mandate of the CMA by regulating the Market Institutions (Authorized Persons, Credit Rating Agencies, Saudi Stock Exchange “Tadawul”, and any other Market Institutions mandated by BOC) entrance to the market to those institutions that are considered fit and proper and supervised on an on-going basis. The Deputy also conducts surveillance on the market trading activity. All of that is done by:
- Assisting the further development of the regulatory standards related to Market Institutions and trading in the market
- Processing of all license and registration applications for Market Institutions
- Ensuring application/applicant compliance with the CML and its implementing Regulations
- Setting an inspection plan and time-table, prioritizing deployment of available resources in risk-based manner
- Undertaking comprehensive supervision of Market Institutions to ensure their compliance with the CML and its implementing Regulations
- Handling and escalating cases of sustained non-compliance to Enforcement Department for action
- Monitoring and analysing market trading activity
- Leveraging market analytics to identify potential misconduct activity (e.g. insider trading, market manipulation, etc.) and escalating such cases to the Enforcement Department for appropriate action
- Fostering and supporting tools of communication among Market Institutions.
- Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
- Contributing to the Deputy’s reporting on its activities and achievements and the implementation status of Board decisions
- Contributing to advising the Board in preparation of Board decisions related to the Deputy’s mandate
- Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function
The deputy contains 5 departments:
- Authorization
- Inspection
- AML & CFT
- Market Institutions Compliance
- Market Surveillance & Analysis