The Capital Market Authority's Board has issued its Resolution to publish the Procedures Guide for Public Consultation on the Implementing Regulations Projects on the Authority's website.
This Guide comes in continuance to the objectives of the Authority in developing and regulating the Capital Market in the Kingdom, along with advancing the levels of transparency in the Capital Market. The Authority stated that the purpose of the Guide is to regulate the public consultation process in respect of any Implementing Regulations project, prior to issuing or amending it. Also , this is in line the CMA's strategic plan to promote confidence through a number of initiatives including the continuous review and development of the implementing regulations which is in line with the (financial sector development program) one of the programs of Saudi arabia's vision 2030.
Mr. Bader Balghonaim, the CMA deputy for Legal Affairs & Enforcement mentioned that the Authority gives great importance to the public consultation stage in respect of all the Implementing Regulations projects, as this stage is considered one of the most important stages of the project, where the Authority is able to identify the views of those addressed by the Regulations and the difficulties that may obstruct the implementation of the Regulations when adopted. Moreover, this mechanism allows the public to submit any suggestions and observations that may enhance and improve the Implementing Regulations, he also ensured that the Authority studies each comment and observation received from a legal and technical point of view and take the necessary steps to deal with such comment as the case may be.
Furthermore, in the past three years, the Authority received around 5,500 comments on 26 projects, all of which were dealt with in a manner consistent with the nature of the comments provided, whether in Arabic or English, as the Authority always ensured that it publishes the Implementing Regulations projects in Arabic and English languages to guarantee that Implementing Regulations projects reach the largest segment of interested parties, as part of the Authority's efforts to open the market to different types and categories of stakeholders gradually, in addition to its objectives to become a leading Capital Market globally.
The
Procedures Guide for Public Consultation on the Implementing Regulations
Projects can be viewed via the following link :
The Procedures Guide for Public Consultation on the Implementing Regulations Projects
