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CMA approves instructions on issuing depository receipts out of KSA

CMA approves instructions on issuing depository receipts out of KSA
The Capital Market Authority (CMA)

Riyadh – Mubasher: The board of the Capital Market Authority (CMA) has approved the instructions on issuing depositary receipts out of the kingdom to be effective as of their publication date.

This comes as part of the CMA’s strategic goals to promote the capital market's role in raising capital and increasing market attractiveness to foreign investors, according to an official statement on Tuesday.

The instructions stipulate the requirements and conditions for issuing depositary receipts out of the kingdom for shares issued in the kingdom and listed on the exchange, or shares issued in the kingdom and its issuer has made the necessary arrangements for listing them in the exchange.

“This includes setting the requirements for obtaining the authority's approval on issuing depositary receipts out of the kingdom, and the obligations of the issuers and depository banks in this regard,” the statement read.

In a separate filing, the Saudi Stock Exchange (Tadawul) and the Securities Depositary Centre Company (Edaa) said the CMA board approved the Regulations and Requirements of the Depository Center for Depository Receipts issued out of the kingdom in accordance with the instructions on issuing depositary receipts out of the kingdom.