CMA LAW: Resolution No. (103) of 2021 Regarding Amending the Conditions and Requirements of Registering the External Sharia Auditing Offices and their Responsibilities

Having Perused:

- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and

- CMA Board of Commissioners Resolution passed in its meeting No. (31) of 2021 held on 08/09/2021.

The Following Was Resolved

Article (1)

Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 is hereby amended pursuant to Annex (1) attached to this Resolution.

Article (2)

Appendix (9) (Application to Register an External Sharia Auditing Office) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 is hereby amended pursuant to Annex (2) attached to this Resolution.

Article (3)

Appendix (17) (Application for Renewing the Registration of an External Sharia Auditing Office) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 is hereby added pursuant to Annex (3) attached to this Resolution.

Article (4)

Appendix (18) (Application for Adding an External Sharia Auditor, Legal Advisor or Accountant) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 is hereby added pursuant to Annex (4) attached to this Resolution.

Article (5)

Appendix (19) (Application for Cancellation of the Registration of an External Sharia Auditing Office) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 is hereby added pursuant to Annex (5) attached to this Resolution.

Article (6)

The External Sharia Auditing Offices registered in the concerned register at the Authority are hereby granted a transitional period to meet the responsibilities stipulated in Article (3-5-10) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 of no later than 20 of September 2022.

Article (7)

The External Sharia Auditing Offices registered in the concerned register at the Authority are hereby granted a transitional period to meet the requirements stipulated in Articles (3-5-5) and (3 -5 -12) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 of no later than 20 of March 2022.

Article (8)

The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Prof. Ahmad Almelhem

Issued on: 13/09/2021

The Translated Document

Copy of the Official Document

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