As part of the Capital Market Authority's ("CMA") strategic objectives to develop the capital market, and in line with the Saudi Arabia’s Vision 2030, and based on the Capital Market Law issued by Royal Decree No. (M/30) Dated 02/06/1424 H, the CMA Board has issued its Resolution to publish the draft amendments to the Investment Accounts Instructions for public consultation for a period of (30) calendar days from its publication, ending on 19/10/1439H corresponding to 3/7/2018G.
The draft amendments aim to facilitate the procedures of opening and operating investment accounts by removing requirements of linking the investment account to a bank account, allowing utilization of electronic channels to verify the identification document for opening an investment account for some types of investors, removing requirements of obtaining the CMA's approval to open investment accounts for some types of investors, removing some requirements of obtaining copies of identification documents, and removing the requirement of obtaining the CMA's approval on liquidation of the investment account for the benefit of non-resident foreign heirs of a deceased client. The draft amendments also regulate opening investment accounts for the members of the diplomatic missions in Saudi Arabia and the closure of the investment account that had no credit or securities held in any portfolio linked to the account for a period exceeding one year.
The CMA, with full gratitude, would like to receive the opinions and comments of relevant and interested persons, through the following form:
- 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).
All comments will be taken into full consideration for the purpose of finalizing the amendments to the Instructions.
The draft amendments to the Investment Accounts Instructions can be viewed via the following link:
Investment Accounts Instructions
