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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 | 5 min read | 08.26.26

D.C. Circuit Upholds Designation of PFOA and PFOS as CERCLA Hazardous Substances

In a significant and unanimous ruling, the D.C. Circuit upheld the Environmental Protection Agency’s (“EPA”) final rule designating perfluorooctanoic acid (“PFOA”) and perfluorooctanesulfonic acid (“PFOS”) as “hazardous substances” under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), denying the petitions of seven industry groups seeking to overturn that designation.[1] CERCLA, also known as the “Superfund Statute,” allows EPA to require potentially responsible parties to fund cleanup of hazardous substances....

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