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Saudi Arabia to Open Stock Market to Foreign Financial Institutions

Client Alert | 1 min read | 07.23.14

On July 22, 2014, the Saudi Arabian Capital Market Authority (CMA) announced that foreign financial institutions will be permitted to buy and sell stocks listed on the Saudi stock market in accordance with applicable CMA rules. Next month, the CMA plans to release draft proposed rules governing the investment by foreign financial institutions in eligible listed stocks and then solicit opinions and suggestions from investors and other interested parties on the CMA's proposed rules. Opinions and proposals on the CMA's draft proposed rules will be welcome for a period of 90 days. The CMA indicated that it will review the opinions and proposals concerning the draft proposed rules by the end of 2014, check the readiness of the Saudi Stock Exchange (Tadawul) to implement the finalized rules, and coordinate with the relevant Saudi government authorities prior to adopting the finalized rules. The CMA plans to open the Saudi stock market to investment by foreign financial institutions in the first half of 2015.


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Client Alert | 2 min read | 07.15.26

CMMC Phase II Suspension Requires Reconsideration of Such Requirements in Solicitations

As discussed in more detail here, the U.S. Department of War (DoW) recently issued a memorandum (Memo 26-P-1023, dated July 13, 2026) directing the immediate suspension of Cybersecurity Maturity Model Certification (CMMC) Phase II requirements (Level I and II self assessments are still permitted). Significantly, the memo directs that “all pending and future CMMC implementation milestones across DoW solicitations and contracts are held in abeyance until further notice.” Moreover, the DoW issued a memorandum on implementing these requirements (available here), directing agencies to issue amendments removing CMMC Level 2 and 3 requirements from active solicitations “as soon as practicable.” Contractors should monitor the government’s compliance with this requirement and should be prepared, if needed, to file a bid protest to protect their rights....

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