2022 Fsdp Q4 Reprt En · Page 6

 
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The Capital Market Authority Approves Regulations of 
Market Making and Market Making Procedures 
As part of CMA's continuous efforts to create potentials 
facilitating 
trading 
process, 
including 
increasing 
efficiency and volume of liquidity in the capital market, 
the Capital Market Authority (CMA) announced its 
approval on the Regulations of Market Making and Market 
Making Procedures proposed by the Saudi Exchange. The 
CMA's approval aims to regulate the activities of listed 
securities market making, and impacts resulted from 
approving the market making registration application, 
and description of mechanism of practicing market 
making activities on securities. The Regulations include 
the 
Market 
Maker's 
activities 
through 
providing 
continuous listed securities buy/sell orders during the 
market open session to provide liquidity to the relevant 
listed securities. Also, among the conditions of the 
Market Maker, it shall have a membership of the market 
or derivatives market and shall have the written policies 
and procedures to separate between the market making 
activities and any other activities practiced by the Maker. 
The Market Maker shall also have the security and 
technical requirements necessary for practicing the 
activity, or any other condition proposed by the market 
and approved by the CMA. 
The Ministry of Finance Signs a Number of Financing 
Agreements with Several Local Banks Amounting to SAR 
25Bn to Execute Various Infrastructure Projects 
Arranged by The National Debt Management Center 
The Ministry of Finance signed financing agreements with 
several local banks amounting to SAR 25Bn to execute 
various infrastructure projects scheduled to start in 2023 
and 2024 to expedite the implementation of these 
projects.  
The National Debt Management Center arranged those 
financings in accordance with the Ministry of Finance to 
enable and support strategic infrastructure projects in 
line with the Saudi 2030 Vision. 
Listing and Trading Government Debt Instruments in 
the Saudi Stock Exchange 
Tadawul has approved through Q4 2022 the listing request 
of the debt instruments, issued by the government of the 
Kingdom of Saudi Arabia submitted by the Ministry of 
Finance from a class already listed with a total value of 
SAR (12,006,470,000). 
CMA Announces the Approval of the Amendments to 
the Instructions for Book Building Process and 
Allocation Method in Initial Public Offerings 
The Capital Market Authority's (CMA) Board issued its 
resolution approving the amendments to the Instructions 
for Book Building Process and Allocation Method in Initial 
Public Offerings (IPOs), which shall be effective as of
1/1/2023. The main amendments included stipulating the 
role of the financial advisor in coordination with the 
issuer to allocate a percentage of the offering to public 
funds provided that the Authority approves such 
percentage, and in the event there is insufficient
coverage from public funds for the percentage allocated 
to them, they said percentage shall be reduced within the 
limits of what was covered by the public funds. These 
amendments come as part of developing the allocation 
percentage for individual investors, whether directly, or 
indirectly through individuals' ownership of units in public 
funds. The amendments also included giving the financial 
advisor the powers for determining the parties eligible for 
participating in the Book Building Process among the
parties stipu