Capital Market Authority

#Saudi nationals warned against investments in #cryptocurrencies

Saudi nationals have been warned against embarking on hazardous investments in cryptocurrencies. According to the Capital Market Authority, there is no monetary oversight inside Saudi Arabia over digital currencies which involve high risks. It warned that digital currencies expose investors to speculative bubbles, loss of capital, fraud, high market volatility, cyber hacking and lack of transparent evaluative regulations. The Capital Market Authority also said that it would be difficult to protect investors as Saudi Arabia has no oversight on the digital currency.

New regulation on sukuk to provide transparency

Oman’s market watchdog Capital Market Authority (CMA) has announced its new sukuk regulation, which includes stipulation on establishing a trustee structure and an LLC company as a special purpose vehicle for issuing sukuk. The regulation, which is effective from Wednesday, also allows structure of the sukuk subject to the approval of respective Sharia Supervisory Board issuer and the choice of the board is left to the issuer. The regulation made rating optional for the issuer and there is no restriction on the sukuk amount to be raised based on the company’s capital. The regulation will complement the existing bond regulatory framework.

Saudi CMA approves Investment Accounts Instructions

The Saudi Capital Market Authority Board approved the Investment Accounts Instructions after publishing the Draft Instructions on the CMA's official website for 30 days, and reviewing the concerned and interested parties' comments and observations. The Investment Accounts Instructions comprise 17 articles regarding several aspects of investment accounts such as the mechanism on how to accept clients, availability of specific data to open an investment account and instructions of opening and operating the investment account. The Instructions also include the specifications to open investment accounts.

CMA staff attend course on ‘Islamic Economics’

As part of the training programs provided internally by Capital Market Authority (CMA), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has held the 2nd batch of the training course “Essentials of Islamic Economics and Finance” to CMA’s management team members and employees, on March 21-22, 2016, in Riyadh. The course was delivered by Sheikh Dr. Yousef Al-Shubaili and Dr. Sami al Suwailem. AAOIFI’s active institutional membership includes more than 13 regulatory and supervisory authorities (for capital markets, insurance and finance) and central banks. AAOIFI provides its technical and professional services to a number of supervisory and regulatory bodies across the globe.

EXCLUSIVE-Saudi CMA may relax investor rules to join world indices

Saudi Arabia would be open to relaxing its rules on foreigners investing directly in its stock market to help it get included in global indices, the chairman of the Saudi financial-markets regulatory agency, the Capital Market Authority, said. In his first interview with international media since his appointment in January, Mohammed al-Jadaan also defended the limited trading so far by qualified foreign investors (QFIs) and noted the kingdom was already seeing wider benefits from having direct foreign access to its $470 billion stock market. On June 15, the Saudi stock exchange, the Tadawul, became one of the last major emerging markets to let foreigners buy shares directly.

CMA finalizing rules for foreign stock ownership

The Capital Market Authority is finalizing a regulatory framework which will allow foreigners to directly own stocks in Saudi Arabia, though the market has no need for liquidity from international investors. Foreign investment is attracted to come to the market for the technical expertise and human capacity. Indications are that foreign appetite is strong to invest in the largest regional exchange, which could add greater depth and breadth to the market and ultimately benefit all participants, Furthermore, large institutional investors could push for greater disclosures and transparency which will pave the way for Saudi equities to be included in widely followed emerging markets indices. Following this, the next steps would be the introduction of new instruments such as REITs, options and warrants, and covered shorts. An efficient and well-regulated market should be the eventual goal.

Mohammad al-Sheikh heads Saudi regulator

Saudi Arabia has appointed Mohammad al-Sheikh to head the Capital Market Authority, replacing Abdulrahman al-Tuwaijri, who had been at the helm of the agency since 2006. Mr Sheikh’s financial and legal background should help with his new role as the kingdom pushes forward with its plans to open up its nearly $400bn stock market to direct international buyers for the first time. This appointment is the latest in a series of reshuffles in the financial and political teams in Saudi Arabia, shifting towards private sector expertise.

Kuwait Watchdog Urges Better Islamic Finance Oversight

Kuwait's Capital Market Authority (CMA) published a statement on Tuesday about self-regulation by Islamic financial institutions to ensure compliance with Shariah standards. The statement recommends to appoint a sufficient number of legal observers in accordance with the size of the institution and to provide full transparency in their communications with compliance officers. The CMA also urged companies’ sharia boards to take more care to issue rulings that were in line with each other.

CMA announces the approval of offering of investment fund

CMA Board of Commissioners' resolution concerning its approval for Alinma Investment Company's offer of "Alinma Multi Assets Defensive Fund" and "Alinma Multi Assets Aggressive Fund" has been issued.


Sukuk to be traded in Saudi this year

Sukuk trading is about to start this year in Saudi according to the chairman of the capital market authority, Dr Abdulrahman Al Tuwaijri.

Saudi CMA aims to develop bond and Sukuk markets

The Saudi Capital Market Authority aims to promote the bond and Sukuk markets said its chairman Chairman Abdulrahman Al Tuwaijri according to Arabiya.

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