CMA conducts a workshop about the Draft Regulation of Class Action Suits

​The Capital Market Authority ("CMA") represented by the Legal Affairs and Enforcement Deputy conducted a workshop on Wednesday 31/5/2017G about the Draft Regulation of Class Action Suits, which the CMA has published lately for public consultation. The workshop was attended by number of lawyers and specialized legal consultants.
The workshop was conducted for the purpose of discussing the concept of the Class Action Suits, and explaining its mechanisms, objectives and its important aspects in addition to receiving comments from the participants regarding the Draft Regulations.
During the workshop, a presentation was given regarding several aspects including the concept of the  Class Action Suits, the purpose of the Draft Regulation of Class Action Suits, mechanisms of the  Class Action Suits and the important provisions regulating the Class Action Suits. Also, during the workshop, the Draft Regulations was discussed, the participants questions were answered and their comments were received.
In this regard, the CMA emphasizes its keenness to develop the Capital Market in the Kingdom which enhances the investors' protection therein, develop and implement mechanisms for investors compensation and to facilitate the litigation procedures for the participants in the Capital Market and facilitate their access to compensations. The CMA stresses that all opinions and comments on the Draft Regulations will be studied and considered.
This workshop followed the publication of the Draft Regulation of Class Action Suits for public consultation on CMA's website in 15/5/2017G for a period lasts until 14/6/2017G. The Draft, to be incorporated in the Resolution of Securities Disputes Proceedings Regulations once approved, aims to develop the litigation mechanisms and procedures to meet the best international practices in order to promote the attractiveness of the Saudi Capital Market and minimizes the risks involved in investing therein; in addition to its role in reducing the time period needed to decide on investors compensation cases and facilitating its procedures.