As part of the Capital Market Authority's ("CMA") strategic objectives to regulate and develop the capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424 H, the CMA Board issued its resolution to publish the draft amendments to the Rules on the Offer of Securities and Continuing Obligations ("Draft Amendments") for public consultation for a period of (45) calendar days ending on 05/11/1443H corresponding to 04/06/2022G.
The Draft Amendments aim to regulate the registration of debt instruments offered by way of private placement for the purpose of direct listing on the Exchange, develop the regulatory framework for convertible debt instruments, and regulate the issuance of exchangeable debt instruments.
The CMA, with full gratitude, would receive the opinions and comments of relevant and interested persons, through any of the following means:
a) The Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the National Competitiveness Center, through the following link:(istitlaa.ncc.gov.sa).
b) The prescribed form through the following email: (Laws.Regulations@cma.org.sa).
All comments will be taken into full consideration for the purpose of finalizing the Draft Amendments.
The Draft Amendments can be viewed via the following link:
Draft Amendments to the Rules on the Offer of Securities and Continuing Obligations
Prescribed form for providing comments
It is also worth noting that, in light of the Draft Amendments, the Saudi Exchange has announced the draft amendments to the Listing Rules to regulate the direct listing of debt instruments offered by way of private placement. The draft amendments to the Listing Rules can be viewed via the following link:
Draft Amendments to the Listing Rules
