As part of the Capital Market Authority's (CMA) continuous efforts to develop the capital market in the Kingdom, protect investors therein, strengthen the mechanisms of compensating the investors and facilitating litigation procedures in the Exchange, and based on the Capital Market Law issued by the Royal Decree Number (M/30) Dated 2/6/1424H, the CMA Board has issued its Resolution on publishing the draft regulation of Class Action Suits (the Draft) on the CMA website via the below mentioned link to enable the concerned and interested parties to provide their comments and observations thereon for (30) calendar days.
The Draft, to be incorporated in the Resolution of Securities Disputes Proceedings Regulations once approved, aims to develop the litigation mechanisms and procedures to meet the best international practices in order to promote the attractiveness of the Saudi capital market and minimizes the risks involved in investing therein; in addition to its role in reducing the time period needed to decide on investors compensation cases. This would ease the committees mission and focus investors efforts.
CMA would be pleased to receive the concerned and interested parties comments and observations through the following channels:
- Email (Laws.Regulations@cma.org.sa);
- Fax number (+966114906460); or
- Mail address (P.O. Box 87171 Riyadh 11642, CMA Deputy for Legal Affairs and Enforcement – Laws and Regulations Department).
No later than Wednesday 19/09/1438H corresponding to 14/06/2017G.
All comments and observations will be studied and considered for the purpose of issuing the final version of the Regulations of Class Action Suits.
The draft can be viewed on CMA’s website via the following link:
Class Action Suit
