Capital Markets Authority in Saudi Arabia

Following last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) of its proposal to permit participation by qualified financial institutions directly on the Kingdom’s stock exchange (the Tadawul), the CMA has now published its Draft Rules for public consultation.

The Draft Rules include detailed provisions relating to qualified foreign investor (QFI) eligibility, assessment and approval process of investment applications by QFIs, investment limits on shares and the procedure for applications. The Draft Rules represent a significant

The global financial crisis and credit crunch prompted the Capital Markets Authority in Saudi Arabia (the “CMA”) to introduce rules to increase investor awareness of public company financial difficulties.  In May 2013, the CMA published draft guidelines and instructions setting out certain rules that apply to public companies when the losses of a public company reaches 50% or more of its share capital (the “Guidelines”). The deadline for the business community to provide comments on the