Saudi Arabia Regulatory Compliance Updates

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