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Middle East and Central Asia > Saudi Arabia

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Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses Saudi Arabia’s Detailed Assessment of the Observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, and Cooperation, and the Exchange of Information. The equity market in Saudi Arabia is of significant size, but has undergone significant change following the events of 2006 and the establishment of the CMA.
Keywords:
ISCR; CR; CMA staff; CMA Board; investment fund; capital market; CMA regulation; fund manager; insider trading; net capital; securities business; corporate governance; terms and conditions; CMA approval; CMA review; enforcement power; Securities; Mutual funds; Financial statements; Capital adequacy requirements; Trade systems; Global
Cover IMF Staff Country Reports
Saudi Arabia: Reports on the Observance of Standards and Codes
International Monetary Fund
Saudi Arabia’s Report on Standards and Codes has been examined. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA approach to supervision is both risk-based and compliance-focused, and the cost of compliance needs to be a more central focus when establishing mandatory obligations. The CMA has general and broad powers for inspection and investigation, and it conducts full electronic surveillance of the market. The CMA has the authority to investigate potential violations and to bring enforcement action seeking civil and criminal penalties.
Keywords:
ISCR; CR; payment system; payment; bank; Sanya; Saudi Arabian Riyal Inter-Bank Express; CMA regulation; Sama core criteria; asset class; CMA staff; CMA approval; card payments switch; oversight function; Payment systems; Securities; Legal support in revenue administration; Mutual funds; Securities settlement systems; Global