Saudi Arabia to Open Stock Market to Foreign Financial Institutions – QFIs Rules Issued
Client Alert | 1 min read | 05.06.15
On July 22, 2014, the Saudi Arabian Capital Market Authority (CMA) announced that qualified foreign financial institutions (QFIs) would be permitted to buy and sell stocks listed on the Saudi stock market in accordance with rules to be adopted by the CMA. The CMA subsequently released its Draft Rules for Qualified Foreign Financial Institutions' Investment in Listed Shares (the Draft Rules) and solicited opinions and suggestions from investors and other interested parties on the Draft Rules.
On April 16, 2015, the CMA announced that it had adopted the following timeline to permit foreign financial institutions to buy and sell stocks listed on the Saudi stock market:
- Final Rules will be approved and published on 15/7/1436H (corresponding to May 4, 2015G);
- The Final Rules will be effective starting from 14/8/1436H (corresponding to June 1, 2015G); and
- QFIs shall be allowed to invest in listed shares starting from 28/8/1436H (corresponding to June 15, 2015G).
On May 4, 2015, the CMA issued its resolution Number 1-42-2015:
- Adopting the Rules for Qualified Foreign Financial Institutions Investment in Listed Shares (the QFIs Rules); and
- Adopting the following forms:
(a) Qualified Foreign Investor Application for Registration Form.
(b) Qualified Foreign Investor Client Application for Approval Form.
(c) The Minimum Requirements that must be included in the QFI Assessment Agreement Form as per Article 12 of the QFIs Rules.
(d) The Assessing Authorized Person's Acceptance Determination Template (to Register a QFI or to Approve a QFI Client).
(e) The Assessing Authorized Person's Rejection Determination Template (to Register QFI or to Approve QFI Client).
Insights
Client Alert | 3 min read | 05.20.25
On May 19, 2025, Deputy Attorney General Todd Blanche issued a Memorandum creating the Civil Rights Fraud Initiative that will “utilize the False Claims Act to investigate and . . . pursue claims against any recipient of federal funds that knowingly violates federal civil rights laws.” According to the Memorandum, though racial discrimination has “always been illegal,” the Administration posits that “many corporations and schools continue to adhere to racist policies and preferences—albeit camouflaged with cosmetic changes that disguise their discriminatory nature.” In an effort to prevent federal funds from being used in connection with or support of these purportedly racist policies and preferences, the Initiative will wield the power of the False Claims Act, the government’s most powerful tool to fight fraud, waste, and abuse.
Client Alert | 8 min read | 05.19.25
Client Alert | 2 min read | 05.19.25