International Monetary FundWorld Bank2013-10-012013-10-012011-09https://hdl.handle.net/10986/15971The regulatory framework for the securities market in Saudi Arabia has significantly developed since the enactment of legislation to regulate the capital markets. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMOU) Concerning Consultation and Cooperation and the Exchange of Information. However, no information sharing arrangement exists with the Saudi Arabian Monetary Agency (SAMA). Even so, refinements can be made to processes, the Capital Market Law (CML), and the Committee for the Resolution of Securities Disputes (CRSD). The framework contained in the CML and the implementing regulations is still relatively new. However, revision and updating of the requirements needs to be a continuing program, involving fuller regulated entity participation. The assessment is part of the financial sector assessment program update made at the request of Saudi Arabia, and is the first assessment conducted of the implementation of the IOSCO objectives and principles of securities regulation.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSAGGREGATE VALUEALTERNATIVE TRADING SYSTEMASSETS UNDER MANAGEMENTAUDITORAUDITORSBANK ACCOUNTBANK ACCOUNTSBIDBUSINESS REGULATIONSCAPITAL ADEQUACYCAPITAL MARKETCAPITAL MARKET LAWCAPITAL MARKETSCAPITAL REQUIREMENTSCHECKSCLIENT ASSETSCLIENT IDENTIFICATIONCODE OF CONDUCTCOLLECTIVE INVESTMENTCOLLECTIVE INVESTMENT SCHEMESCOMMON LAWCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTCONTRACTUAL ENTITLEMENTSCORPORATE BONDSCORPORATE FINANCECORPORATE GOVERNANCECREDIT EXPOSURESCREDIT RATINGCREDIT RATING AGENCIESCUSTODYCUSTODY ARRANGEMENTSCUSTODY SERVICESDEBTDEBT INSTRUMENTSDEBT SECURITIESDEEDDEEDSDEFAULT RISKDEPOSITORYDERIVATIVEDERIVATIVE MARKETDERIVATIVESDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDISSEMINATION OF INFORMATIONDOMESTIC MARKETENFORCEMENT ACTIONENFORCEMENT ACTIONSENFORCEMENT POWERSENTRY BARRIERSEQUITIESEQUITY MARKETEQUITY SECURITIESEXPENDITURESFAIR VALUATIONFINANCIAL INFORMATIONFINANCIAL INSTRUMENTSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL TRANSACTIONSFOREIGN INTERESTFOREIGN INVESTMENTFOREIGN INVESTORSFRAUDFRONT RUNNINGFULL DISCLOSUREFUND ASSETSFUND INVESTORSFUND MANAGEMENTFUND MANAGERFUND MANAGERSFUND OBJECTIVESFUND PERFORMANCEFUND TYPESFUTURESGLOBAL STANDARDSGOVERNANCE REGULATIONSHOLDINGINDEBTEDNESSINFORMATION SHARINGINFORMED INVESTMENT DECISIONINITIAL PUBLIC OFFERINGSINSIDERINSIDER TRADINGINSURANCEINSURANCE COMPANIESINSURERSINTERNAL CONTROLSINTERNATIONAL BANKINVESTINGINVESTMENT COMPANYINVESTMENT DECISIONINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT STRATEGIESINVESTOR CONFIDENCEINVESTOR PROTECTIONIPOISSUANCEJOINT STOCK COMPANIESJOINT STOCK COMPANYJOINT-STOCK COMPANIESJURISDICTIONLACK OF TRANSPARENCYLEGAL ENTITYLEGAL FRAMEWORKSLEGAL PROTECTIONLEGAL PROVISIONSLIABILITYLIQUIDATIONLIQUIDITYLOCAL MARKETMACROECONOMIC POLICIESMANAGEMENT OF MUTUAL FUNDSMARKET CAPITALIZATIONMARKET CONDITIONSMARKET DEVELOPMENTMARKET INFORMATIONMARKET INTERMEDIARIESMARKET INTERMEDIARYMARKET MANIPULATIONMARKET PARTICIPANTSMARKET PRACTICESMARKET PRICESMARKET REGULATORSMARKET STRUCTUREMATURE MARKETSMONETARY FUNDMONEY LAUNDERINGMUTUAL FUNDMUTUAL FUNDSNET CAPITALOPERATIONAL INDEPENDENCEPERSONAL INFORMATIONPOTENTIAL INVESTORPOTENTIAL INVESTORSPRICE LIMITPRIVATE INVESTORSPRIVATE PLACEMENTPRIVATE PLACEMENTSPRIVATE SECTOR DEVELOPMENTPROSPECTUSPROSPECTUSESPROTECTION OF INVESTORSPUBLIC INFORMATIONPUBLIC OFFERINGSPURCHASE OF SECURITIESREAL ESTATEREAL ESTATE FUNDREAL ESTATE FUNDSREAL ESTATE INVESTMENTREAL PROPERTYREDEMPTIONREDEMPTION OF UNITSREGULATORY AGENCIESREGULATORY ENVIRONMENTREGULATORY FRAMEWORKREGULATORY OVERSIGHTREGULATORY REGIMEREGULATORY REQUIREMENTREGULATORY STRUCTUREREGULATORY SYSTEMRESERVERESERVE FUNDRETURNSRISK MANAGEMENTRISK MANAGEMENT POLICIESSECONDARY MARKETSSECONDARY OFFERINGSSECURITIESSECURITIES ACTIVITIESSECURITIES COMMISSIONSSECURITIES EXCHANGESECURITIES EXCHANGESSECURITIES HOLDINGSSECURITIES LAWSECURITIES MARKETSECURITIES REGULATIONSECURITIES REGULATIONSSECURITIES REGULATORSECURITIES TRANSACTIONSSEIZURESELF-REGULATIONSETTLEMENTSETTLEMENT SYSTEMSSHAREHOLDERSHAREHOLDERSSHAREHOLDERS RIGHTSHORT SELLINGSOPHISTICATED INVESTORSSTOCK EXCHANGESTOCK MARKETSTOCKSSUKUKSWAPSWAPSSYSTEMIC RISKTAXTERRORISMTRACK RECORDTRADE DATETRADE INFORMATIONTRADESTRADINGTRADING SYSTEMTRADING SYSTEMSTRANSACTIONTRANSPARENCYTURNOVERUNIT HOLDERSVALUATIONVALUATIONSWARRANTSWorld Bank10.1596/15971