The Capital Market Authority (CMA) has released an electronic service for the disclosure of a deceased's investment assets. This service enables the heirs or their legal agent to review the data of securities and investment accounts that belongs to the deceased person via direct link with the Depository Center and the Authorised Persons. This comes as a part of developing the financial market framework, facilitating the disclosure procedures and helping the heirs in expediting the completion of procedures for the registering the heirs of the deceased.
This service enables the heirs to submit applications for the disclosure, according to specific conditions, via CMA's official website, in addition to the possibility of accessing the deceased investment information at any time. The heirs of the deceased (included in the deed of heirs) or the legal agent of the heirs can apply for the electronic service by submitting an application, which shall include a clear copy of the deed of heirs, and a copy of the death certificate of the deceased both in PDF format, in addition to the National ID number of the heir – if he is a citizen- or the Iqama number – if he is a resident. In case the applicant is an agent, it must include the number of the power of attorney and a copy of the power of attorney in PDF format. In any case, the applicant must have (Absher) Account to verify its data.
In this regard, CMA Deputy of Legal Affair and Enforcement Mr. Bader Balghonaim stated that the electronic service aims to facilitate the process of submitting the application for the disclosure of a deceased's investment assets and expedite the procedures of such requests. He further noted that this service will enable the submission of the application and reviewing of its information in any time without the need for visiting CMA's headquarters. He stated also that after receiving the application electronically, the applicant's information will be verified, followed by responding to the applicant with information received from the Depository Center and Authorised Persons.
It's worth mentioning that CMA used to receive enquiries applications regarding the deceased's investment assets by the interested parties by visiting CMA's headquarters. The CMA has received more than 500 requests during 2017G, the number has increased on the following year, 2018G, in which it reached more than 600 requests, an increase by 20%.
To use the service and review the conditions of application, please visit the following link:
Disclosure of a Deceased's Investment Assets Service