2021 Q1 Report En · Page 7

 
7  | 
The Capital Market Authority (CMA) Grants a Financial 
Technology experimental permit (FinTech ExPermit) to 
Sarwa to Experiment Robo-Advisory Service 
Based upon the Capital Market Law issued by Royal 
Decree No. (M/30) dated 2/6/1424H, and reference to 
the 
Financial 
Technology 
Experimental 
Permit 
Instructions issued by CMA in 10/01/2018, which aims to 
provide a regulatory framework that is conducive for the 
innovation of Financial Technology (FinTech) in the 
capital market within the Kingdom. In relation to this, the 
CMA Board of Commissioners issued its resolution to grant 
Sarwa a Financial Technology Experimental Permit 
(ExPermit) to experiment Robo-Advisory Service. 
Based on this permit, the company will be able to 
experiment the Robo-Advisory Service which allows 
clients to get advice on securities or investment scheme 
through direct access to an automated online platform 
(or application). Additionally, the company is able to 
offer 
automated 
online 
discretionary 
investment 
management, where the clients can automatically make 
investments through the platform or the application by 
given the management of the company the responsibility 
to invest on the client’s behalf, within parameters and 
mandates agreed with the client, on an ongoing basis. 
The service is provided through an electronic online 
platform (or application) owned and monitored by the 
management of the company.  
CMA would like to highlight that this permit coincides 
with the beginning of ExPermit for the third batch of 
FinTech innovations which was announced in 25/11/2019, 
related to securities businesses that falls under the CMA's 
supervision. 
The National Debt Management Center Announces the 
Successful Pricing of the Second International Note 
Issuance in Euro for a Total value of EUR 1.5billion  
The National Debt Management Center has announced the 
receipt of subscriptions from investors for its second 
international issuance under the Kingdom of Saudi 
Arabia's Global Medium-Term Note Program in Euro. 
The issuance was more than 3 times oversubscribed, with 
total orders amounting to more than 5 billion Euro. The 
Kingdom will issue a total of 1.5 billion Euros (equivalent 
to SAR 6.83 billion), consisting of two tranches as follows: 
1billion Euro (equivalent to SAR 4.55 billion) for 3-year 
notes maturing 2024, 0.5 billion Euro (equivalent to SAR 
2.28 billion) for 9-year notes maturing 2030. 
The 
Capital 
Market 
Authority 
Publishes 
Draft 
Amendments of the Corporate Governance Regulation 
for Public Consultation 
As part of the Capital Market Authority's ("CMA") strategic 
objectives to regulate and develop the Capital Market, 
and based on the Capital Market Law issued by Royal 
Decree No. (M/30) Dated 2/6/1424H, and the Companies 
Law issued by Royal Decree No. (M/3) dated (28/1/1437 
H), the CMA Board issued its resolution to publish the 
amended Corporate Governance Regulation “Draft 
Amendments" for public consultation for a period of (30) 
calendar days ending on 26/7/1442H corresponding to 
10/3/2021G. 
The Draft Amendments aim to strengthen the internal
controls of listed companies on the Exchange, and 
develop the provisions regulating board members' 
independence 
in 
line 
with 
best 
practices 
and 
international standards. 
Listing and Trading Government Debt Instruments in 
the Saudi Stock Exchange 
Tadawul has approved through Q1 the listing request of 
the debt instruments, issued by the government