Categorization: FAQs for the process of filing a complaint to the CMA
How can I file a complaint to the CMA?
Visit the website of the Capital Market Authority (CMA), the following page: File a Complaint
What are the processes to handle the filed complaint?
The CMA shall directly forward the complaint to the complainee – in case the entity is subject to the CMA's supervision – to handle and communicate with the complainer to amicably settle the complaint. The complainer may escalate the complaint to the CMA following this phase.
Categorization: FAQs for the service of the disclosure of a deceased's investment assets
How do I apply for the provision of securities and investment accounts belonging to a deceased?
The application can be submitted by registering a new user and logging in to submit the application via the links below:
- Register a new user.
- Logging in to submit the application\Query for previously submitted applications.
What documents should be attached with the application?
- A copy of the deed of heirs.
- A copy of the death certificate.
- A copy of the power of attorney, if the applicant is an agent of the heirs, in “PDF" format. In addition, if the deed of heirs did not include the heir's National ID number, a copy of his/her National ID must be included.
What information is required to complete the application?
During the registration process, the applicant's information is recorded, which are: the applicant's name, National ID number and mobile number as registered in Absher, in addition to the applicant's Email. Upon request of the disclosure, it is required to provide the power of attorney number, if the applicant is an agent of the heirs, in addition to inserting the deceased's name, nationality and the type and number of his/her national ID. In addition to pointing out the importance of the archiving number - if the deceased is a Saudi national - in order to check the deceased owner of any shares certificates.
Who is eligible to apply?
Heirs of the deceased (included in the deed of heirs) or their agent.
I have applied for disclosing the investment assets belonging to the deceased. How do I make sure that the application was sent to the CMA successfully?
When the application is submitted, the system displays a message for the applicant stating that the application has been successfully submitted.
I have submitted a request for disclosure. How do I know that my application has been completed and ready to be received?
The applicant will be notified with a text message to his/her mobile number registered in Absher, and to view the result of the disclosure, the applicant must log in via the link of the service.
What are the data disclosed in this service?
All investment assets belonging to the deceased with the Securities Depository Center Company and Capital Market Institutions.
What is the mechanism for disclosing the investment assets belonging to the deceased?
The Capital Market Authority forwards the application to the Securities Depository Center Company and the Capital Market Institutions to disclose all investment assets belonging to the deceased. After the responses are obtained from all of them, the data are collected in a single report, so that the applicant can view it through the CMA's website.
Are distributed or accrued profits appear in the disclosure form?
The disclosure includes statements of securities and cash balances available in the deceased's investment account. In case of a desire to inquire about the accrued profits of the deceased, if any, the Authorised person who has an investment relationship with the deceased shall be contacted to inquire about the profits, and in case of unearned due dividends with a listed company that has not been distributed, such company shall be directly contacted.
What are the procedures for liquidating the investment assets of the deceased?
Paragraph (c) of Article 16 of the Investment Accounts Instructions (published on the CMA's website) has regulated the relevant aspects of that. However, if the investment assets contain certificates of shares, the applicant shall contact and coordinate with the Securities Depository Center Company.
Do I have to be present at the CMA's quarters to obtain the disclosure data?
No, such investment data can be accessed through the service provided on the CMA's website, except in certain cases requiring the applicant's presence at the CMA's headquarters to verify some of the submitted data.
Can I print disclosure data?
Yes, by logging into the account through which the application was submitted on the CMA's website.
Can I enter a mobile number other than the one registered in Absher?
Registration can only be made through the mobile number registered in Absher.
Categorization: FAQs for the CMA's Cooperative Training Program (COOP)
When will the application for the CMA's Cooperative Training Program (COOP) open for the next batch?
Applications for the Capital Market Authority's (“CMA's") Cooperative Training Program (COOP) shall be received via the CMA's external website through accessing the Program link below. Kindly know that submission dates shall be announced at the time via the CMA's website: (cma.org.sa)
What are the conditions for applying for the CMA's COOP?
Visit the link to review the conditions, requirements and specializations required for the Program: CMA’s website (cma.org.sa)
Where is the venue of training following admission to the Program?
COOP Training located in Riyadh City.
How can I attach a cover of letter in “PDF" upon applying for the CMA's COOP?
You can apply, and in case you are admitted, the cover of letter is requested.
In case I withdraw the application, shall such a step affects the submission for the Program?
The application may be withdrawn and reapply before the deadline specified for the submission for the Program.
When the COOP admission result will be announced?
The announcement will be made following the completion of the phase for the Program applications receipt, where the phase of reviewing and interviewing candidates will take place. Accordingly, if the applicant is nominated, he/she will be contacted.
Categorization: FAQs for the CMA Graduates Development Program (GDP(
What are the objectives of the CMA Graduates Development Program (GDP)?
1- On-the-job training through the practical application of the legislative and regulatory role of the Capital Market Authority and its relationship with other entities.
2- Obtain professional certificates through supporting the participants to attend the preparation programs for professional certificates and conduct related exams.
3- Development of functional competencies through gaining competencies in: teamwork, relationships with others, analytical thinking, and time management.
4- Raise the level of knowledge through reviewing and familiarity with relevant regulations and procedures.
How long is the Program?
The Program duration is Twelve (12) calendar months.
What are the benefits and compensation of the nominated trainees?
· Monthly salary allowance according to the degree as follows:
- Bachelor's degree: (12000) twelve thousand riyals.
- Master's degree / Higher Diploma: (14500) fourteen thousand and five hundred riyals.
· Registration in General Organization of Social Insurance (GOSI).
· Medical insurance for the trainee and his family members.
· In-house training courses.
· Compensation for fees for specific professional certification.
· Personal and professional development.
· Gaining experience in the capital market.
I obtained the General Aptitude Test (GAT) 2016, can I submit for GDP?
The result of GAT or for undergraduates does not necessitate a specific date. The grade point average (GPA) should be at least (65).
What is the maximum age requirement to apply for the CMA's GDP?
· Maximum age for holders of a bachelor's degree: 27 years.
· Maximum age for holders of a master's degree: 30 years.
Upon applying for the Program, can I select more than one path or different preferential paths?
No, only one path.
Is the CMA's GDP ending with employment?
No, but following the Program pass the chances of obtaining jobs are much higher.
Is CMA responsible for scheduling English language tests upon applying for the Program?
No, every applicant selects the tests in coordination with the competent authorities. Approved outcomes shall be provided to CMA in their due times.
Are the graduates of a university offers English-taught degree programs are exempted from English language requirement?
No, in all cases, an English language certificate test must be provided. Only foreign university graduates are exempted, provided that the said university offers English-taught degree programs.
If I am selected and notified of final acceptance while I am On-the-job employee, what is the procedure then?
Full dedication is a must to enroll in the Program. Resignation must be submitted first.
I fulfilled all conditions but could not provide all documents in the specified time, what is the procedure then?
You will not be able to verify your fulfilment of the application requirements, and therefore, your application is considered inadmissible.
What are the English language certificates approved by the CMA?
The CMA accepts the following tests (IELTS, STEP, TOEFL) according to the grades set out in the announcement.
I was not invited for the interviews, what does this mean?
You are not selected, as you did not obtain a high ranking, compared to other nominees in (GPA, English, GAT).
Categorization: FAQs for the CMA's FinTech Lab
What is the CMA's FinTech Lab?
The lab is a legislative experimental environment that allows FinTech products and services to test their innovative business models with specific criteria, time period, regulatory requirements, and under the supervision of the Capital Market Authority.
The FinTech lab attracts local and international firms located in the kingdom that provide financial products and services related to securities activity with innovative business models and ready for testing in an experimental environment.
The Capital Market Authority aims to diversify investment products and processes available in the capital market via supporting FinTech projects in the capital market, through providing a regulatory framework that is conducive for the innovation of FinTech within the Kingdom of Saudi Arabia.
The FinTech regulatory framework is designed to promote and develop FinTech where participants can deploy and test their innovative FinTech products, services, and business models related to securities activities within specified parameters and timeframes.
What is the Financial Technology Experimental Permit (FinTech ExPermit)?
The Financial Technology Experimental Permit (FinTech ExPermit) enables applicants to participate in the FinTech Lab to deploy and experiment their innovative FinTech products related to securities activities on actual clients within specified parameters and timeframes.
The lab provides a two-year ExPermit. Upon the completion of the testing, the applicant can choose to: either execute the exit strategy, or proceed to deploy the FinTech product on a wider scale. To accomplish this, both the CMA and the applicant must be satisfied with the achievement of the intended test outcomes. Moreover, a plan/strategy to provide the product on a wider scale must be crated and the applicant must be able and willing to fully comply with the Capital Market Law and its Implementing Regulations.
I wish to submit for getting FinTech ExPermit, the submission conditions include paying fees. In case of rejecting the FinTech ExPermit application, can I refund the fees?
Basically, there are no fees needed to apply for a FinTech ExPermit in CMA's FinTech Lab.
What is the process for receiving FinTech Expermit applications?
With reference to subparagraph (d) of paragraph (1) of the Financial Technology ExPermit Instructions, “The Authority receives applications for obtaining a permit to experiment with financial technology throughout the year. The assessment of applications will be conducted through batches announced via CMA's website, provided that all documents and data necessary are complete prior to commencement of the application's assessment".
To find out the process for submitting the application, you can refer to Section Five (Permit application process), and Appendix (A - The application process), of the Financial Technology ExPermit Instructions.
What are the FinTech Product Criteria?
The proposed FinTech product or service should meet the following criteria in order to enter the FinTech Experimental Lab:
1- It must involve securities activity.
2- It promotes FinTech innovation.
3- It is at a sufficiently advanced stage of development to mount a live test FinTech.
4- It promotes significant growth, efficiency or competition in the market.
