CmaBoardReleases
Title: Resolution No. (153) of 2017 Regarding Amending Article (1-1) of Module Five (Securities Activities & Registered Persons) and Article (1-9) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- Resolution No. (72) of 2015 on the Issuance of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (45) of 2017 held on 22/11/2017.
The Following Was Resolved
Article (1)
Module Five (Securities Activities & Registered Persons) and Module Twelve (Listing Rules) are hereby amended as follows:
a. Adding a paragraph to Article 1-1 of Module Five (Securities Activities & Registered Persons) of the Executive Bylaws to be as follows:
“Without violating the provisions in Module Four (Securities Exchange and Clearing Agencies) of these Bylaws, the provisions of this Chapter shall apply to all Licensed Persons.
The Authority may exempt the Units Subject to the Supervision of the Central Bank of all or some of the provisions provided for in this Module, pursuant to an MoU singed between the Authority and the Central Bank.”
b. Adding the phrase “except banks” to Article 1-9 of Module Twelve (Listing Rules) to be as follows:
Each Listed Company – except banks – shall appoint an Auditor from the auditors registered within the Authority, provided that such Auditor is not a manager or an official or an employee or a partner in the Listed Company. The Listed Company shall notify the Authority within a period of no more than seven Business Days from the date of appointment, replacement or resignation of the Auditor.
Article (2)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance. It shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 10/12/ 2017