Yes, the legal person that capital of which is majority owned by citizens or governments of the Cooperation Council for the Arab States of the Gulf (GCC) and holding the citizenship of non-GCC nationality can submit the application for registration as QFI if it satisfies the conditions prescribed by the Rules, because in this case, the definition of GCC citizens as referred to in paragraph (c) of Article 2 of the Rules, does not apply to the applicant. As described in the answer of question (14) of this document; the applicant must be a person that capital of which is majority owned by citizens or governments of the GCC and holding the citizenship of one of the GCC countries.

In accordance with Article 3 of the Rules, an applicant, a QFI, or an AP can apply for a waiver from any of the Rules provisions in whole or in part by sending a request for a waiver along with justifications to CMA's Chairman. The CMA will study the request to reach a decision to whether accept or reject it. The decision will be sent to the applicant of the waiver with explanation of rejection or the process to be followed if the request is approved.

a. The applicant must be a financial institutions that has a legal personality which falls within one of the following types: 1. Banks 2. Brokerage and securities firms 3. Insurance companies 4. Government and government related entities 5. Investment funds 6. Any other financial institution considered eligible by the Authority b. With the exception of government and government related entities and Investment funds, the applicant or any of its group must have been engaged in securities activities and investment therein for a minimum of five years. c. With the exception of government and government related entities, the applicant must have assets under management of SAR 3,750,000,000 three billion seven hundred and fifty million Saudi Riyals (or an equivalent amount) or more. And the Authority may reduce these assets. d. The financial institutions in sub-paragraphs (1), (2), (3) of paragraph (a) must be licensed or otherwise subject to regulatory oversight by a regulatory authority in a jurisdiction that applies regulatory and monitoring standards equivalent to those of the CMA or acceptable to it. e. The financial institutions in sub-paragraphs (4), (5) of paragraph (a) must be incorporated in a jurisdiction that applies regulatory and monitoring standards equivalent to those of the Authority or acceptable to it.

The CMA provided Authorised Persons (APs) who have a dealing or custody licenses with the list of jurisdictions that apply regulatory and monitoring standards equivalent to those of the CMA or acceptable to it, and will provide any subsequent updates to that list. All jurisdictions on the list must satisfy all international financial standards and the requirements of the Anti-Money Laundering and Counter-Terrorist Financing Rules.

Assets under management include:  Assets owned by the applicant or its group for the purpose of investment. And in relation to investment funds, including assets owned by the foreign portfolio manager or its group for the investment purposes; and  Assets managed by the applicant or its group for the account of another person or persons. And in relation to investment funds, including assets owned by the foreign portfolio manager or its group for the account of another person or persons. The term "group" is defined in the in the Glossary of Defined Terms Used in the Regulations and Rules of the CMA as: "in relation to a person, means that person and each affiliate of it". It defines the term “affiliate” as: “a person who controls another person or is controlled by that other person, or who is under common control with that person by a third person. In any of the preceding, control could be direct or indirect”. The Glossary of Defined Terms Used in the Regulations and Rules of the CMA also defines the term “control” as: “the ability to influence the actions or decisions of another person through, whether directly or indirectly, alone or with a relative or affiliate (a) holding 30% or more of the voting rights in a company, or (b) having the right to appoint 30% or more of the members of the governing body; “controller” shall be construed accordingly”.

The investment fund or its group with one of the appointed portfolio managers or their group must have the assets under management of SAR (3,750,000,000) or more, and this condition is continuously met.

The government related entities mean central banks and investment funds- including sovereign funds and funds that take the form of pension funds and endowments- that are fully owned directly or indirectly by a government entity.

Yes, the foreign portfolio manager must has a legal personality which manages the assets of clients and must be licensed or otherwise subject to regulatory oversight by a regulatory authority and incorporated in a jurisdiction that applies regulatory and monitoring standards equivalent to those of the Authority or acceptable to it. Also, the foreign portfolio manager or any person of its group must have been engaged in securities activities and investment therein for a minimum of 5 years and in which engages or intend to engage with the QFI or the applicant for the purpose of investing on its behalf in listed securities.

The foreign portfolio manager should not be registered with the Authority, and it is sufficient to provide a list of all the foreign portfolio managers to the AAP in which the QFI intends to deal with them and to be accompanied by the information and documents in accordance with sub-paragraph (b) of paragraph (2) of Annex (2.1) of the Rules. Taking into account the additional information and documents that must be submitted by the applicant who intends to deal with the foreign portfolio managers to invest in the Saudi market if they are not registered as QFI, according to the Annex (2.1) of the Rules. It is worth mentioning that it is possible for a the QFI to apply the procedures described in the answer of question (41) of this document on the information and documents to be submitted in regard to the foreign portfolio manager.

Yes, the QFI can deal with a GCC portfolio manager for the management of its investments in the Saudi Stock Exchange.

Yes, the QFI can deal with portfolio manager who is licensed by the CMA.

Yes, the QFI can deal with more than one portfolio manager at the same time, either if it was an AP authorised from the CMA or a foreign portfolio manager which includes a GCC portfolio manager, though, the QFI must notify the AAP when dealing with a new portfolio manager in accordance with Annex (3.1) of the Rules.

Yes, the QFI can deal with another QFI to manage his investments in listed securities and that does not prejudice the responsibility to abide by the law and its implementing regulations and market rules and its regulations, and other rules that are related.

Yes, assets under management include assets of the funds managed by the applicant even if such funds did not satisfy the conditions required to register as QFI.

An AAP is a person authorised “AP” by the CMA to conduct custody or dealing activities, who has agreed with an applicant to assess its application for registration as a QFI. For the List of APs, please refer to the CMA website through the following link: https://cma.org.sa/Market/AuthorisedPersons/Pages/default.aspx