​As part of the Capital Market Authority's efforts to develop the capital market in the Kingdom of Saudi Arabia, and based on CMA's strategic objectives to develop the capital market, and to expand the institutional investments, and in line with the National Transformation Program and Saudi Arabia’s Vision 2030, and based on the Capital Market Law issued by the Royal Decree Number (M/30) Dated 2/6/1424H, the CMA Board has issued its Resolution number 3-104-2016 dated 5/11/1437H corresponding to 8/8/2016G that includes the following:

a) The adoption of the amended Rules for Qualified Foreign Financial Institutions Investment in Listed Securities (the Rules).

b) The Rules referred to in paragraph (a) above shall be published, and shall become effective from the date of 3/12/1437H corresponding to 4/9/2016G

c) The current Rules for Qualified Foreign Financial Institutions Investment in Listed Shares issued by the CMA Board of Commissioner`s Resolution number (1-42-2015) dated 15/7/1436H corresponding to 4/5/2015G will continue to be effective until the effective date of the Rules referred to in paragraph (a) above.

d) The approved client of a qualified foreign investor is allowed to register as a qualified foreign investor by signing the undertaking form approved by the CMA.

e) The approved client of a qualified foreign investor is granted with a grace period until 1/11/2016G to register as a qualified foreign investor, without prejudice to the obligations and responsibilities of the relevant qualified foreign investor in regards to such client during that period.

The purpose of these Rules is to set out the procedures, requirements and conditions for the registration of qualified foreign investors with the Authority to invest in listed securities, and to specify their obligations and the obligations of authorised persons in this regard. When updating the Rules, international best practices and standards have been taken into consideration in order to achieve the desired goals, as well as concerned and interested parties comments and observations.

The updated Rules can be viewed on CMA’s website via the following link:

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