Monday January 23 2023
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Country: Saudi Arabia
The Capital Market Authority’s (CMA) Board has approved the Implementing Regulations of the New Companies Law for Listed Joint Stock Companies (“Implementing Regulations”), to be effective as of 26/06/1444H corresponding to 19/01/2023G.
The approval of the Implementing Regulations comes in implementation of the New Companies Law (the “Law”) and based on the authority the Law granted to the CMA to regulate the matters and subjects stipulated in the Law related to joint stock companies listed on the Exchange, and come as part of the CMA’s objectives to regulate and develop the Capital Market and contribute to achieving the CMA’s strategic objectives by enhancing confidence and raising the level of governance in the capital market, and aim to stipulate the necessary rules to implement the provisions of the Law and contribute to realizing its goals.
The CMA Board’s resolution included amending six implementing regulations, which are:
- the Implementing Regulation of the Companies Law for Listed Joint Stock Companies;
- the Corporate Governance Regulations, the Merger and Acquisition Regulations;
- the Rules on the Offer of Securities and Continuing Obligations;
- the Procedures and Instructions related to Listed Companies with Accumulated Losses Reaching 20% or More of their Share Capital;
- and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority;
such amendments took into consideration stipulating the necessary rules to implement the provisions of the Law in addition to making the necessary amendments in line with the Law.
Click on the above link for further information.