The official newspaper Umm Al Qura published the details of the approval of the amended financial sufficiency rules, which are as follows:
Decision of the Board of the Capital Market Authority No. (1-129-2022) of 04/06/1444
Council of the Capital Market Authority
Based on the Capital Market Law issued by Royal Decree No. (M/30) dated 06/02/1424 AH.
resolves the following:
A- Adoption of amended financial adequacy rules in accordance with the attached formula, which will come into force on September 10, 1444 AH, which corresponds to April 1, 2023 AD.
B- Subject to the provisions of paragraph (C) of this decision, the financial adequacy rules issued by Council Resolution No. (1-40-2012) of February 17, 1434 AH, corresponding to December 30, 2012 AD, will continue to apply until the date of adoption of the financial adequacy rules as amended in accordance with paragraph (a) of this decision.
C- Exemption of financial market entities from the application of the provisions of articles 66, 68 and 69, as well as the requirement for the preparation of a report by the external audit service on the validity of the calculation of the minimum capital requirements contained in point (b) of article 74 of the financial adequacy rule issued by Council Resolution No. ( 1-40-2012) dated February 17, 1434 AH, corresponding to December 30, 2012 CE.
D- Announcement of the contents of paragraphs (a), (b) and (c) of this decision on the websites of the Authority and Saudi Tadawul in electronic form.
