Fsdp Quarterly Newsletter Q4 2024 · Page 6

 
6  | 
The Approval of the Largest Set of Regulatory 
Enhancements Since the Launch of the Sukuk and Debt 
Instruments Market  
The Capital Market Authority's (CMA) Board has approved 
the largest set of regulatory enhancements ever made in 
the sukuk and debt instruments market since its launch in 
Saudi Arabia. These changes include amendments to the 
provisions of the Rules on the Offer of Securities and 
Continuing Obligations related to the issuance of debt 
instruments, which involve easing the prospectus 
requirements for different categories of offerings (public, 
private, and exempted offerings). The approved 
amendments aim to develop the regulatory framework 
for 
offering 
debt 
instruments 
in 
Saudi 
Arabia, 
contributing to attracting a wider range of issuers and 
enhancing the depth and investment in the sukuk and 
debt market. These amendments are part of the ongoing 
development of the sukuk and debt market, aiming to 
stimulate sukuk and debt issuances to meet companies' 
financing needs and diversify their funding sources. This, 
in turn, will positively contribute to the growth of the 
national economy and further activate the sukuk and debt 
market as one of the primary channels for financing 
businesses and the economy. 
The Capital Market Authority Launched the Fourth 
Batch of the Research Agenda Program 
The Capital Market Authority (CMA) announced the launch 
of the fourth batch of the Research Agenda Program for 
2025, in its new and comprehensive form, and the 
amendment of the mechanism for receiving research 
proposals to be in 3 periods during the year, in addition 
to identifying a number of proposed research areas for 
the fourth edition. Through the Research Agenda 
Program, CMA aims to enhance the presence of the Saudi 
capital 
market 
in 
scientific 
literature, 
promote 
knowledge exchange between researchers and academics 
on one hand and practitioners in the capital market 
sector on the other, improve the quality of research and 
studies, and support policy-making and decision-making 
based on scientific research. Additionally, the program 
contributes to raising financial literacy and awareness 
among participants in the capital market 
Improvements to the share buyback and sale processes 
for listed companies  
The Capital Market Authority's (CMA) Board approved an 
amendment to the Implementing Regulation of the 
Companies Law for Listed Joint Stock Companies, which 
will come into effect upon publication. The approved 
amendment aims to provide greater flexibility for listed 
companies in share buyback and sale operations by easing 
restrictions. This improvement aims to boost investment 
efficiency in the Saudi capital market while aligning with 
relevant global practices. The project to amend the 
Implementing Regulation of the Companies Law for Listed 
Joint Stock Companies stems from the Capital Market 
Authority's commitment to developing the capital market 
and regulating trading operations, whether in the 
buyback or sale of treasury shares by listed companies. 
The Capital Market Authority and the Real Estate 
General Authority Sign Memorandum of Understanding 
to Regulate Real Estate Contributions 
The Capital Market Authority (CMA) and the Real Estate 
General Authority (REGA) signed a Memorandum of
Understanding to regulate real estate contribution 
activities in the Kingdom. The cooperation agreement 
aims to regulate real estate contributions, enhance 
transparency and disclosu