We would like to draw your attention to the provision of Article (7-5) of Module Sixteen of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments concerning the importance of preparing an annual report by the compliance officer to the board of the licensed person, and including all actions taken to implement the internal policies, procedures and controls and any proposal for increasing the effectiveness and efficiency of the procedures, in addition to submitting a copy of the report to the CMA.
Therefore, you are required to comply with the above mentioned provision, and submit a copy of the required report to the Office Supervision Department at the CMA by March 1 every year, and include all procedures implemented during the lapsed year.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
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