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The Capital Markets Authority (CMA), regulator of the Saudi Arabia’s Tadawul stock market, has issued its draft regulations to admit foreign investors.
The CMA is allowing a 90-day consultation period during which interested parties – banks, government officials and market participants – can criticize the regulatory framework and suggest modifications. This framework is therefore likely to be amended in light of the feedback the CMA receives in the three-month period ending on 20 November 2014.
The CMA regulations published on its website on 21 August stipulate that in the first phase only institutional investors with assets under management of a minimum of $5bn will be allowed to trade, with a possible waiver for investors with a minimum of $3bn. To qualify such investors could either be a bank, brokerage or securities firm, fund manager, or an insurance company with a minimum of five years’ experience.
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