Clifford Chance

CMA warns unlicensed entities against conducting securities business in the Kingdom of Saudi Arabia

25 September 2012

The Saudi Arabian Capital Market Authority ("CMA") has issued a warning to all institutions that are not Authorised Persons, or Exempt Persons (as defined in the Securities Business Regulations ("SBRs")), against undertaking securities business in Saudi Arabia. 

The CMA’s warning reflects the legal position provided by the laws and regulations governing the securities industry in Saudi Arabia. The securities industry in Saudi Arabia is governed by the Capital Market Law ("CML") and its implementing regulations ("Regulations"). 

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