The Capital Market Authority (“CMA") and the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts (“Wilayah") signed today a cooperation and coordination agreement today regarding the funds and securities in the capital market that fall under the jurisdiction of Wilayah authority as per Law of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts.

The signature ceremony, within the Capital Market Institutions Forum hosted by Riyadh, took place in the presence of His Excellency the Chairman of the Board of the Capital Market Authority, Mohammed bin Abdullah Elkuwaiz, and the Chairman of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts, Mr. Muhammad bin Abdullah Al-Aqla. The CMA was represented by the CMA Deputy for Market Institutions, Mr. Raed Ibrahim Al-Humaid, while Wilayah was represented by the Vice Chairman of Wilayah for Investment and Fund Development, Mr. Ahmed bin Abdulmohsen Al-Rumaih.

The Agreement aims to complete the procedures for counting all funds and securities owned by anonymous persons, and any new relevant securities provided that the same shall be followed by working on what concerns other classes within the duly competencies of Wilayah, by virtue of the Law of Wilayah and enabling Wilayah to practice its duly competencies towards the shares of the joint stock companies prepared for offering, whose owners have not been identified, located, or reached. The process will involve inventorying, categorizing, transferring, and managing the investment of funds and securities in several stages. Both authorities have agreed on the roles and responsibilities assigned to each party in the agreement

The Capital Market Authority stated, “This collaboration stems from the CMA's commitment to fulfilling its role in protecting the investments of all investor categories.", confirming that the CMA is continuously working on enhancing the investors' confidence by creating a fair and transparent investment environment based on procedures and rights that are clear for all capital market investors and participants.

While the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts, emphasized that the agreement aligns with Wilayah powers stipulated in Article (2) of its Articles of Association (AOA) which set out Wilayah competences in managing the funds of those have no legitimate heirs, absentees, missing persons or anonymous persons. Also, the Agreement comes in line with Wilayah objectives to preserve, manage, and grow the assets under its guardianship, following an approved investment strategy.