The Capital Market Authority announcement with respect to postponing the effectiveness of Subparagraph (a) of paragraph (2) of Article 8 of the Rules for Registering the Auditors of Entities Subject to the Authority's Supervision
Tuesday, February 16, 2021 at 3:48 PM
Tue Feb 16, 2021 15:48
With reference to the CMA Board resolution dated 20/12/2018G with regard to the adoption of the Rules for Registering the Auditors of Entities Subject to the Authority's Supervision (“the Rules”), which includes that the Rules shall be effective upon its publication date, except some provisions that will be effective starting from 20/12/2021G, such as subparagraph (a) of paragraph (2) of Article 8 of the Rules, which requires for the registration of a certified public accountant that such certified public accountant must obtain a fellowship certificate in accordance with the Law of Certified Public Accountants.
In continuance to the role of the Capital Market Authority in developing the capital market and seeking to stabilize the capital market environment, and based on the Capital Market Law issued by the Royal Decree No. (M/30) Dated 02/06/1424H, the Capital Market Authority Board has issued its Resolution dated 01/02/2021G to postpone the effectiveness of subparagraph (a) of paragraph (2) of Article 8 of the Rules to be effective on 01/06/2022G.