Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation
The regulatory framework for the securities market in Saudi Arabia has significantly developed since the enactment of legislation to regulate the capital markets. The Capital Market Authority (CMA) has made significant progress in establishing its...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2011/09/18170311/saudi-arabia-international-organization-securities-commissions-iosco-objectives-principles-securities-regulation-detailed-assessment-observance http://hdl.handle.net/10986/15971 |
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okr-10986-15971 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGGREGATE VALUE ALTERNATIVE TRADING SYSTEM ASSETS UNDER MANAGEMENT AUDITOR AUDITORS BANK ACCOUNT BANK ACCOUNTS BID BUSINESS REGULATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CHECKS CLIENT ASSETS CLIENT IDENTIFICATION CODE OF CONDUCT COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COMMON LAW CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONTRACTUAL ENTITLEMENTS CORPORATE BONDS CORPORATE FINANCE CORPORATE GOVERNANCE CREDIT EXPOSURES CREDIT RATING CREDIT RATING AGENCIES CUSTODY CUSTODY ARRANGEMENTS CUSTODY SERVICES DEBT DEBT INSTRUMENTS DEBT SECURITIES DEED DEEDS DEFAULT RISK DEPOSITORY DERIVATIVE DERIVATIVE MARKET DERIVATIVES DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISSEMINATION OF INFORMATION DOMESTIC MARKET ENFORCEMENT ACTION ENFORCEMENT ACTIONS ENFORCEMENT POWERS ENTRY BARRIERS EQUITIES EQUITY MARKET EQUITY SECURITIES EXPENDITURES FAIR VALUATION FINANCIAL INFORMATION FINANCIAL INSTRUMENTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FOREIGN INTEREST FOREIGN INVESTMENT FOREIGN INVESTORS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ASSETS FUND INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS FUND OBJECTIVES FUND PERFORMANCE FUND TYPES FUTURES GLOBAL STANDARDS GOVERNANCE REGULATIONS HOLDING INDEBTEDNESS INFORMATION SHARING INFORMED INVESTMENT DECISION INITIAL PUBLIC OFFERINGS INSIDER INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURERS INTERNAL CONTROLS INTERNATIONAL BANK INVESTING INVESTMENT COMPANY INVESTMENT DECISION INVESTMENT FUND INVESTMENT FUNDS INVESTMENT STRATEGIES INVESTOR CONFIDENCE INVESTOR PROTECTION IPO ISSUANCE JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANIES JURISDICTION LACK OF TRANSPARENCY LEGAL ENTITY LEGAL FRAMEWORKS LEGAL PROTECTION LEGAL PROVISIONS LIABILITY LIQUIDATION LIQUIDITY LOCAL MARKET MACROECONOMIC POLICIES MANAGEMENT OF MUTUAL FUNDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEVELOPMENT MARKET INFORMATION MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET MANIPULATION MARKET PARTICIPANTS MARKET PRACTICES MARKET PRICES MARKET REGULATORS MARKET STRUCTURE MATURE MARKETS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUNDS NET CAPITAL OPERATIONAL INDEPENDENCE PERSONAL INFORMATION POTENTIAL INVESTOR POTENTIAL INVESTORS PRICE LIMIT PRIVATE INVESTORS PRIVATE PLACEMENT PRIVATE PLACEMENTS PRIVATE SECTOR DEVELOPMENT PROSPECTUS PROSPECTUSES PROTECTION OF INVESTORS PUBLIC INFORMATION PUBLIC OFFERINGS PURCHASE OF SECURITIES REAL ESTATE REAL ESTATE FUND REAL ESTATE FUNDS REAL ESTATE INVESTMENT REAL PROPERTY REDEMPTION REDEMPTION OF UNITS REGULATORY AGENCIES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY REGIME REGULATORY REQUIREMENT REGULATORY STRUCTURE REGULATORY SYSTEM RESERVE RESERVE FUND RETURNS RISK MANAGEMENT RISK MANAGEMENT POLICIES SECONDARY MARKETS SECONDARY OFFERINGS SECURITIES SECURITIES ACTIVITIES SECURITIES COMMISSIONS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES HOLDINGS SECURITIES LAW SECURITIES MARKET SECURITIES REGULATION SECURITIES REGULATIONS SECURITIES REGULATOR SECURITIES TRANSACTIONS SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SHAREHOLDERS RIGHT SHORT SELLING SOPHISTICATED INVESTORS STOCK EXCHANGE STOCK MARKET STOCKS SUKUK SWAP SWAPS SYSTEMIC RISK TAX TERRORISM TRACK RECORD TRADE DATE TRADE INFORMATION TRADES TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSPARENCY TURNOVER UNIT HOLDERS VALUATION VALUATIONS WARRANTS |
| spellingShingle |
ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGGREGATE VALUE ALTERNATIVE TRADING SYSTEM ASSETS UNDER MANAGEMENT AUDITOR AUDITORS BANK ACCOUNT BANK ACCOUNTS BID BUSINESS REGULATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CHECKS CLIENT ASSETS CLIENT IDENTIFICATION CODE OF CONDUCT COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COMMON LAW CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONTRACTUAL ENTITLEMENTS CORPORATE BONDS CORPORATE FINANCE CORPORATE GOVERNANCE CREDIT EXPOSURES CREDIT RATING CREDIT RATING AGENCIES CUSTODY CUSTODY ARRANGEMENTS CUSTODY SERVICES DEBT DEBT INSTRUMENTS DEBT SECURITIES DEED DEEDS DEFAULT RISK DEPOSITORY DERIVATIVE DERIVATIVE MARKET DERIVATIVES DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISSEMINATION OF INFORMATION DOMESTIC MARKET ENFORCEMENT ACTION ENFORCEMENT ACTIONS ENFORCEMENT POWERS ENTRY BARRIERS EQUITIES EQUITY MARKET EQUITY SECURITIES EXPENDITURES FAIR VALUATION FINANCIAL INFORMATION FINANCIAL INSTRUMENTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FOREIGN INTEREST FOREIGN INVESTMENT FOREIGN INVESTORS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ASSETS FUND INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS FUND OBJECTIVES FUND PERFORMANCE FUND TYPES FUTURES GLOBAL STANDARDS GOVERNANCE REGULATIONS HOLDING INDEBTEDNESS INFORMATION SHARING INFORMED INVESTMENT DECISION INITIAL PUBLIC OFFERINGS INSIDER INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURERS INTERNAL CONTROLS INTERNATIONAL BANK INVESTING INVESTMENT COMPANY INVESTMENT DECISION INVESTMENT FUND INVESTMENT FUNDS INVESTMENT STRATEGIES INVESTOR CONFIDENCE INVESTOR PROTECTION IPO ISSUANCE JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANIES JURISDICTION LACK OF TRANSPARENCY LEGAL ENTITY LEGAL FRAMEWORKS LEGAL PROTECTION LEGAL PROVISIONS LIABILITY LIQUIDATION LIQUIDITY LOCAL MARKET MACROECONOMIC POLICIES MANAGEMENT OF MUTUAL FUNDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEVELOPMENT MARKET INFORMATION MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET MANIPULATION MARKET PARTICIPANTS MARKET PRACTICES MARKET PRICES MARKET REGULATORS MARKET STRUCTURE MATURE MARKETS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUNDS NET CAPITAL OPERATIONAL INDEPENDENCE PERSONAL INFORMATION POTENTIAL INVESTOR POTENTIAL INVESTORS PRICE LIMIT PRIVATE INVESTORS PRIVATE PLACEMENT PRIVATE PLACEMENTS PRIVATE SECTOR DEVELOPMENT PROSPECTUS PROSPECTUSES PROTECTION OF INVESTORS PUBLIC INFORMATION PUBLIC OFFERINGS PURCHASE OF SECURITIES REAL ESTATE REAL ESTATE FUND REAL ESTATE FUNDS REAL ESTATE INVESTMENT REAL PROPERTY REDEMPTION REDEMPTION OF UNITS REGULATORY AGENCIES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY REGIME REGULATORY REQUIREMENT REGULATORY STRUCTURE REGULATORY SYSTEM RESERVE RESERVE FUND RETURNS RISK MANAGEMENT RISK MANAGEMENT POLICIES SECONDARY MARKETS SECONDARY OFFERINGS SECURITIES SECURITIES ACTIVITIES SECURITIES COMMISSIONS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES HOLDINGS SECURITIES LAW SECURITIES MARKET SECURITIES REGULATION SECURITIES REGULATIONS SECURITIES REGULATOR SECURITIES TRANSACTIONS SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SHAREHOLDERS RIGHT SHORT SELLING SOPHISTICATED INVESTORS STOCK EXCHANGE STOCK MARKET STOCKS SUKUK SWAP SWAPS SYSTEMIC RISK TAX TERRORISM TRACK RECORD TRADE DATE TRADE INFORMATION TRADES TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSPARENCY TURNOVER UNIT HOLDERS VALUATION VALUATIONS WARRANTS International Monetary Fund World Bank Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| geographic_facet |
Middle East and North Africa Saudi Arabia |
| description |
The regulatory framework for the
securities market in Saudi Arabia has significantly
developed since the enactment of legislation to regulate the
capital markets. The Capital Market Authority (CMA) has made
significant progress in establishing its supervision
credentials, including issuing implementing regulations. The
CMA has also entered into information sharing arrangements
with other regulators in the region, and is a party to the
International Organization of Securities Commissions (IOSCO)
Multilateral Memorandum of Understanding (MMOU) Concerning
Consultation and Cooperation and the Exchange of
Information. However, no information sharing arrangement
exists with the Saudi Arabian Monetary Agency (SAMA). Even
so, refinements can be made to processes, the Capital Market
Law (CML), and the Committee for the Resolution of
Securities Disputes (CRSD). The framework contained in the
CML and the implementing regulations is still relatively
new. However, revision and updating of the requirements
needs to be a continuing program, involving fuller regulated
entity participation. The assessment is part of the
financial sector assessment program update made at the
request of Saudi Arabia, and is the first assessment
conducted of the implementation of the IOSCO objectives and
principles of securities regulation. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| title_short |
Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| title_full |
Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| title_fullStr |
Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| title_full_unstemmed |
Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation |
| title_sort |
financial sector assessment program update : saudi arabia - the iosco objectives and principles of securities regulation |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2011/09/18170311/saudi-arabia-international-organization-securities-commissions-iosco-objectives-principles-securities-regulation-detailed-assessment-observance http://hdl.handle.net/10986/15971 |
| _version_ |
1764431746180317184 |
| spelling |
okr-10986-159712021-04-23T14:03:23Z Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation International Monetary Fund World Bank ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGGREGATE VALUE ALTERNATIVE TRADING SYSTEM ASSETS UNDER MANAGEMENT AUDITOR AUDITORS BANK ACCOUNT BANK ACCOUNTS BID BUSINESS REGULATIONS CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CHECKS CLIENT ASSETS CLIENT IDENTIFICATION CODE OF CONDUCT COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COMMON LAW CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONTRACTUAL ENTITLEMENTS CORPORATE BONDS CORPORATE FINANCE CORPORATE GOVERNANCE CREDIT EXPOSURES CREDIT RATING CREDIT RATING AGENCIES CUSTODY CUSTODY ARRANGEMENTS CUSTODY SERVICES DEBT DEBT INSTRUMENTS DEBT SECURITIES DEED DEEDS DEFAULT RISK DEPOSITORY DERIVATIVE DERIVATIVE MARKET DERIVATIVES DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISSEMINATION OF INFORMATION DOMESTIC MARKET ENFORCEMENT ACTION ENFORCEMENT ACTIONS ENFORCEMENT POWERS ENTRY BARRIERS EQUITIES EQUITY MARKET EQUITY SECURITIES EXPENDITURES FAIR VALUATION FINANCIAL INFORMATION FINANCIAL INSTRUMENTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FOREIGN INTEREST FOREIGN INVESTMENT FOREIGN INVESTORS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ASSETS FUND INVESTORS FUND MANAGEMENT FUND MANAGER FUND MANAGERS FUND OBJECTIVES FUND PERFORMANCE FUND TYPES FUTURES GLOBAL STANDARDS GOVERNANCE REGULATIONS HOLDING INDEBTEDNESS INFORMATION SHARING INFORMED INVESTMENT DECISION INITIAL PUBLIC OFFERINGS INSIDER INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURERS INTERNAL CONTROLS INTERNATIONAL BANK INVESTING INVESTMENT COMPANY INVESTMENT DECISION INVESTMENT FUND INVESTMENT FUNDS INVESTMENT STRATEGIES INVESTOR CONFIDENCE INVESTOR PROTECTION IPO ISSUANCE JOINT STOCK COMPANIES JOINT STOCK COMPANY JOINT-STOCK COMPANIES JURISDICTION LACK OF TRANSPARENCY LEGAL ENTITY LEGAL FRAMEWORKS LEGAL PROTECTION LEGAL PROVISIONS LIABILITY LIQUIDATION LIQUIDITY LOCAL MARKET MACROECONOMIC POLICIES MANAGEMENT OF MUTUAL FUNDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEVELOPMENT MARKET INFORMATION MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET MANIPULATION MARKET PARTICIPANTS MARKET PRACTICES MARKET PRICES MARKET REGULATORS MARKET STRUCTURE MATURE MARKETS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUNDS NET CAPITAL OPERATIONAL INDEPENDENCE PERSONAL INFORMATION POTENTIAL INVESTOR POTENTIAL INVESTORS PRICE LIMIT PRIVATE INVESTORS PRIVATE PLACEMENT PRIVATE PLACEMENTS PRIVATE SECTOR DEVELOPMENT PROSPECTUS PROSPECTUSES PROTECTION OF INVESTORS PUBLIC INFORMATION PUBLIC OFFERINGS PURCHASE OF SECURITIES REAL ESTATE REAL ESTATE FUND REAL ESTATE FUNDS REAL ESTATE INVESTMENT REAL PROPERTY REDEMPTION REDEMPTION OF UNITS REGULATORY AGENCIES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY REGIME REGULATORY REQUIREMENT REGULATORY STRUCTURE REGULATORY SYSTEM RESERVE RESERVE FUND RETURNS RISK MANAGEMENT RISK MANAGEMENT POLICIES SECONDARY MARKETS SECONDARY OFFERINGS SECURITIES SECURITIES ACTIVITIES SECURITIES COMMISSIONS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES HOLDINGS SECURITIES LAW SECURITIES MARKET SECURITIES REGULATION SECURITIES REGULATIONS SECURITIES REGULATOR SECURITIES TRANSACTIONS SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SHAREHOLDERS RIGHT SHORT SELLING SOPHISTICATED INVESTORS STOCK EXCHANGE STOCK MARKET STOCKS SUKUK SWAP SWAPS SYSTEMIC RISK TAX TERRORISM TRACK RECORD TRADE DATE TRADE INFORMATION TRADES TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSPARENCY TURNOVER UNIT HOLDERS VALUATION VALUATIONS WARRANTS The regulatory framework for the securities market in Saudi Arabia has significantly developed since the enactment of legislation to regulate the capital markets. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMOU) Concerning Consultation and Cooperation and the Exchange of Information. However, no information sharing arrangement exists with the Saudi Arabian Monetary Agency (SAMA). Even so, refinements can be made to processes, the Capital Market Law (CML), and the Committee for the Resolution of Securities Disputes (CRSD). The framework contained in the CML and the implementing regulations is still relatively new. However, revision and updating of the requirements needs to be a continuing program, involving fuller regulated entity participation. The assessment is part of the financial sector assessment program update made at the request of Saudi Arabia, and is the first assessment conducted of the implementation of the IOSCO objectives and principles of securities regulation. 2013-10-01T17:22:20Z 2013-10-01T17:22:20Z 2011-09 http://documents.worldbank.org/curated/en/2011/09/18170311/saudi-arabia-international-organization-securities-commissions-iosco-objectives-principles-securities-regulation-detailed-assessment-observance http://hdl.handle.net/10986/15971 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Middle East and North Africa Saudi Arabia |