Saudi Arabia Flag

Saudi Arabia

The Market Conduct Regulations are based on the Capital Market Law, with articles detailing the prohibition of market manipulation, insider trading, and liability for acts of others.

Overview: These regulations were issued by the Board of the Capital Markets Authority pursuant to its Resolution Number 1-11-2004 dated October 4, 2004. These regulations are based on the Capital Market Law issued by Royal Decree No. M/30 dated June 2, 2003, amended by Resolution of the Board of the Capital Market Authority Number 2-11-2021 dated January 25, 2021. 

Part 1: Preliminary Provisions

  • Article 1: Definitions  

Part 2: Prohibition of Market Manipulation

  • Article 2: Prohibition of manipulative and deceptive acts or practices
  • Article 3: Manipulative and deceptive acts or practices

Part 3: Insider Trading

  • Article 4: Disclosure of inside information and insider trading defined  
  • Article 5: Prohibition of disclosure of inside information  
  • Article 6: Prohibition of insider trading  

Part 4: Untrue Statements

  • Article 7: Prohibition of untrue statements
  • Article 8: Rumors
  • Article 9: Untrue statements defined
  • Article 10: Responsibility for untrue statements

Part 5: Capital Market Institutions' Conduct

  • Article 11: Conduct in case of market manipulation and insider trading by clients
  • Article 12: Clients priority
  • Article 13: Timely execution
  • Article 14: Best execution
  • Article 15: Timely allocation
  • Article 16: Churning
  • Article 17: Aggregation of client orders
  • Article 18: Dealing ahead of research
  • Article 19: Prohibition of dealing contrary to a recommendation

Part 6: Liability for Acts of Others

  • Article 20: Liability for acts of others

Part 7: Publication and Entry into Force

  • Article 21: Publication and entry into force

Resources & Insights




Crypto Regulation Guide: Middle East

Regulation of cryptocurrency varies globally by region, jurisdiction, and regulatory body. Nasdaq’s comprehensive and updated Cryptocurrency Regulation Guide Middle East provides a snapshot of recent recommendations from international regulatory and standards-setting bodies as well as key developments in the Middle East.

Stay up to date with evolving crypto regulations.