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Overview of Rules for Qualified Foreign Financial Institutions’ Investment in Listed Shares in Saudi Arabia

Client Alert | 1 min read | 05.21.15

In July 2014, the Saudi Arabian Capital Market Authority (CMA) announced that it had been given approval to permit qualified foreign financial institutions (QFIs) to trade directly in shares listed on the Saudi Arabian Stock Exchange (the Tadawul), and that the CMA expected the Tadawul to be open to QFIs at some point during the first six months of 2015.

The CMA subsequently issued the Draft Rules for Qualified Financial Institutions' Investment in Listed Shares and invited interested parties to submit their comments and observations on the Draft Rules to the CMA no later than November 20, 2014. Having reviewed and considered the comments from interested parties about the Draft Rules, the CMA issued on May 4, 2015 the Rules for Qualified Foreign Financial Institutions' Investment in Listed Shares.

The CMA has confirmed that the opening of the Tadawul to foreign investors is intended to support the increased participation of institutional investors and reduce the role of retail investors. Financial institutions interested in trading in shares listed on the Tadawul should be aware of the formalities involved in securing the necessary regulatory consents, the ongoing requirements and the potential issues that still exist.

For an overview of the Rules, please click here to download a PDF.

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Client Alert | 3 min read | 03.24.26

California Considering A Massive Expansion of Its Antitrust Laws

Legislative efforts to significantly expand California’s antitrust laws are working their way through the state legislature. The most comprehensive overhaul is Assembly Bill 1776 — the Competition and Opportunity in Markets for a Prosperous, Equitable and Transparent Economy (COMPETE) Act, introduced by Assembly Majority Leader Cecilia Aguiar-Curry, on March 23, 2026. AB 1776 is modeled closely after draft legislation recommended by the California Law Revision Commission (CLRC) in December. AB 1776 would not only significantly expand potential liability for single-firm conduct and monopolization but would also explicitly decouple California antitrust analysis from certain federal standards. Companies doing business in California should pay close attention to AB 1776 because of its potentially dramatic impact, including increased exposure to antitrust litigation and increased compliance costs....

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