a. The Authority shall grant the license referred to under Article 31 within thirty days of receiving from the Exchange the information and documents that are required by the rules issued by the Authority and which demonstrate that the applicant satisfies the conditions and requirements necessary for obtaining a license for working as a broker or a broker’s agent. The term of validity of the licenses must be defined and their holder must be subject to periodic qualification examination as set forth by the Implementing Regulations.
b. The regulations and rules of the Exchange shall set forth the requirements and conditions that must be met by applicants for obtaining a brokerage license. In addition to the requirements under the Exchange’s regulations, the conditions for licensing or renewal of a license must include the following:
- Criteria pertaining to an applicant’s competence to act as a broker or a broker’s agent;
- Criteria of integrity or suitability for persons to conduct brokerage activities;
- Minimum capital requirements that brokerage companies must continually meet, which must not be less than SR 50 million.
