Fsdp Quarterly Newsletter Q3 2024 Vf · Page 6

 
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The Capital Market Authority Calls for Public 
Consultation on Regulatory Framework for Omnibus 
Accounts 
The Capital Market Authority (“CMA") called upon 
relevant and interested persons participating in the 
capital market to share their feedback on the Draft 
Regulatory Framework for Omnibus Accounts for a period 
of fifteen (15) days ending on 12 Muharram 1446 AH, 
corresponding to 18 July 2024. 
The draft aims to develop the trading mechanisms 
available in the Saudi capital market and stimulate 
investment. Additionally, it seeks to enhance the 
market’s attractiveness and efficiency by allowing the 
opening of omnibus accounts. An omnibus account is 
registered in the name of a capital market institution and 
opened by a licensed person to perform securities custody 
activities (custodian). This account includes a number of 
clients of the capital market institution (beneficiaries), 
for whom the institution is responsible for managing, 
monitoring, and handling the account on their behalf. 
Under the proposed draft, the custodian's role will 
become more proactive in managing pooled accounts, 
enhancing the market's appeal to new custodians. 
Custodians will be tasked with maintaining client records 
for each omnibus account, including the individual 
ownership details of each beneficiary. The CMA will be 
responsible for obtaining prior written consent from 
beneficiaries to register or record their assets in the 
CMA's name, as well as disclosing any potential risks 
associated with this arrangement. 
Omnibus 
accounts 
will 
enable 
financial 
market 
institutions, such as asset managers, to trade through 
consolidated accounts, fostering fairness among clients 
with similar investment policies and acceptable risks 
within managed portfolios and investment funds. These 
accounts will also streamline trading processes and 
operational procedures, thereby strengthening the asset 
management industry, enabling the creation of new 
products, and expanding existing services. 
The proposed draft regulatory framework includes 
provisions requiring financial market institutions to 
maintain separate records and accounts, allowing them 
to clearly distinguish between their own assets and those 
of each client within the Omnibus Account. This measure 
aims to enhance the protection of client assets. 
Listing government debt instruments of SAR 11.8bn in
the Saudi financial market 
The Saudi Stock Exchange “Tadawul” announced during 
the third quarter of 2024 the approval of the requests 
submitted by the Ministry of Finance to list government 
debt instruments from a category that had previously 
been listed with a total value of (11,831,936,000) Saudi 
riyals. 
The Financial Academy (FA) celebrated the graduation
of 31 Saudi innovators, including young men and 
women, during the closing ceremony of the “Fintech 
Bootcamp 2024” 
The Financial Academy (FA) celebrated the graduation of 
31 Saudi innovators, including young men and women,
during the closing ceremony of the “Fintech Bootcamp 
2024” in Riyadh. The camp was organized in cooperation 
with Fintech Saudi and the Small and Medium Enterprises 
General Authority (monsha’at). It’s designed to qualify 
national professional cadres in the fintech industry, 
which is aligned with the Financial Sector Development 
Program (FSDP). 
Mr. Mana bin Mohammed AlKhamsan, CEO of the Financial 
Academy, commented that the six-week intensive
bootcamp, throughout 150 hours of education, cr