As part of the Capital Market Authority's ("CMA") strategic objectives to develop the capital market, and in line with the Saudi Vision 2030, 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 Securities Business Regulations and Authorised Persons Regulations ("Draft Amendments") for public consultation for a period of (30) calendar days ending on 27/5/1441H corresponding to 22/1/2020G.
The Draft Amendments aims to develop the securities business activities, support the development of securities business carried on by the Authorised Persons, and enhance investors’ protection in line with the international best practices and standards.
The main elements of the Draft Amendments are:
a)Amending the term of “Authorised Persons” to be “Capital Market Institutions”.
b)Developing the scope of Arranging activity, and the types of authorisation for Dealing and Managing activities.
c)Developing the requirements for authorisation to carry on securities business, commencement of business, registerable functions, conduct of business, system and controls, and client money and assets.
d)Developing client classification and the requirements for Know Your Customer, client understanding of risk, and client suitability.
The CMA, with full gratitude, would receive the opinions and comments of relevant and interested persons, through any of 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).
All comments will be taken into full consideration for the purpose of finalising the Draft Amendments.
The Draft Amendments can be viewed via the following link:
Draft Amendments to the Securities Business Regulations and the Authorised Persons Regulations
مشروع تعديل لائحة أعمال الأوراق المالية ولائحة الأشخاص المرخص لهم