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CMA LAW: Circular No. (7) of 2023 Regarding Combination of Some of the Audit Offices Services Provided Pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Date Publish
05 June 2023
Chairman of the Board of Directors
Based on the role of the Capital Markets Authority (CMA) to raise the awareness of the provisions of Law No. 7 of 2010 and its Executive Bylaws and their amendments, with the aim to coordinate and follow-up with the companies addressed by the provisions of this Law, and to ensure the sound implementation of the provisions of the Executive Bylaws with regards to the possibility of combining some of the services provided by the audit offices.
The CMA has established a matrix that reflects the possibility of combining such services and stated the regulations that should be followed in the event of combination, in addition to the justifications of the failure to combine. Accordingly, the CMA draws the attention of all the companies addressed by the provisions of Law No. 7 of 2010 and its Executive Bylaws and their amendments to the importance of complying with the mentioned matrix through the attached file (Matrix).
In the event of having current contracts that contradict some of the provisions of the matrix, the transitional period of compliance shall be the end of those contracts (except the contracts that violate the provisions of the Law and the Executive Bylaws that appeared in the texts of the impermissibility of collection).
Prof. Ahmad Al-Melhem
Issued on: 05/06/2023.
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