Today, Thursday, the Board of Directors of the Saudi Capital Market Authority decided to publish a draft regulation for securities depository centers and markets. For a public opinion poll for a period of sixty calendar days, ending March 14, 2022.
The Authority said in a statement that the project aims to develop the regulatory framework for licensing, supervision and control of markets and securities depository centers, to effectively carry out its tasks and obligations, as well as improve the regulatory environment and market stability financial, and developing anything that would strengthen the confidence of financial market participants in support of its growth and prosperity. And work on developing procedures to achieve effective supervision and control of securities markets and depository centers, in in line with best practices e standard international in this to consider.
The project was born as a continuation of the Authority’s efforts to develop the capital market infrastructure, e in compliance with the issuance of the Securities Clearing Center Regulations governing securities clearing operations in the Kingdom and the requirements for obtaining the necessary license to practice them, in light of the amendments to the Capital Market Law which included the granting to the Authority the power to make provisions in authorization matters. To carry out any activity of the Market, Depot Center or Clearing House, including the terms of the license, the conditions for its continuation and the terms of its waiver.
The most important main elements of the project are the regulation of the licensing requirements for conducting market or depository activities in the Kingdom, and the capital requirements for them, and the regulation of the requirements of business practices, control systems and procedures and regulations. for market governance and the deposit center.
The authority has indicated that all opinions and observations will be the subject of care and studio. For the purpose of adopting the final version of the project.
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