The Capital Market Authority Announces the Approval of Amendments to the Investment Accounts Instructions

Wednesday, November 21, 2018 at 5:02 PM

Wed Nov 21, 2018 17:02

As part of the Capital Market Authority's ("CMA") strategic goals to develop the capital market, and in pursuance to achieving the objectives of the Financial Sector Development Program 2020 in line with the Saudi Vision 2030, and based on the Capital Market Law issued by Royal Decree No. (M/30) Dated 02/06/1424 H, the CMA Board issued its resolution approving the amended Investment Accounts Instructions to be effective as of the date of their publication, after the draft Instructions were made available for public consultation on the CMA’s website for a period of (30) calendar days.
The amendments to the Investment Accounts Instructions aim to enable the electronic opening of investment accounts, and facilitate the procedures for opening and operating investment accounts in accordance with the relevant regulatory and supervisory requirements, while preserving the required protection for investors.
The CMA Board's resolution also rescinds the Anti-Money Laundering and Counter-Terrorist Financing Rules issued by the CMA, after reviewing them in light of the Anti-Money Laundering Law issued by Royal Decree No.(M/20) dated 05/02/1439H and its Implementing Regulations, and the Combating-Terrorism Crimes and its Financing Law issued by Royal Decree No. (M/21) dated 12/02/1439H.
The CMA is working to prepare a guidance note for the implementation of the provisions of the Anti-Money Laundering Law and its Implementing Regulations and the Combating-Terrorism Crimes and its Financing Law, which the Authorised Persons can use as guidance for compliance with their provisions.

The amended Investment Account Instructions can be viewed via the following link:
 

(Investment Account Instructions)