​The Capital Market Authority (CMA) invited investors, interested parties and the public to provide their comments on the draft amendments to the Investment Accounts Instructions, which is available on the CMA’s official website for a period of 30 days from its publication. The CMA assured that all comments will be taken into consideration for the purpose of finalizing the amendments to the Instructions.

The Instructions issued by the CMA's Board on 25/6/1437H, corresponding to 3/4/2016G, aimed to regulate the opening and operating of investment accounts held by Authorised Persons licensed to conduct the activities of dealing, managing, or custody and define the investment accounts controls and supervisory rules.

The draft amendments aim to facilitate the procedures of opening and operating investment accounts by removing requirements of linking the investment account to a bank account, allowing utilization of electronic channels to verify the identification document for opening an investment account for certain types of investors, removing requirements of obtaining the Authority's approval to open investment accounts for some types of investors, removing some requirements of obtaining copies of identification documents, and removing the requirement of obtaining the Authority's approval on liquidation of the investment account for the benefit of non-resident foreign heirs of a deceased client. The draft amendments also regulate opening investment accounts for the members of the diplomatic missions in Saudi Arabia and the closure of the investment account that had no credit or securities held in any portfolio linked to the account for a period exceeding one year.

It should also be noted that the CMA is currently reviewing the Anti-Money Laundering and Counter-Terrorist Financing Rules in the light of the new Anti-Money Laundering Law issued by Royal Decree No. M/20 dated 5/2/1439H, its Implementing Regulations, and the new Combating Terrorism Crimes and its Financing Law, issued under Royal Decree No. M/21 dated 12/2/1439H. Upon such review, the manner of addressing the Rules shall be determined, which may result in amending these instructions before being approved on its final form.

The draft amendments to the Investment Accounts Instructions can be viewed on CMA’s website via the following link:

Investment Accounts Instructions