Saudi Arabia has approved new regulation that dictates how violations of its Capital Markets Law are reported, according to official sources.
The sources said the Board of Directors of the country’s Capital Market Authority (CMA) gave its approval to this regulation.
The move is said to be part of the authority’s efforts to better control and develop the country’s capital market.
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its implementing regulations.
It will also apparently apply to violations of the regulations of the Saudi stock exchange, the Depository Center, and the Clearing Center.
The regulations are expected to help determine things like the financial rewards for those who report such violations, the controls on granting the rewards, and the procedures that contribute towards the protection of those who report violations.
The CMA Board Resolution included that the Regulation on the Reporting of Violations of the Capital Market Law shall be effective as of the date of its publication.
However, its Article 10 shall be effective from March 1, 2023.