The Saudi equities regulator, the Capital Market Authority (CMA), has a reputation as one of the region's toughest watchdogs.
However, some financial professionals still believe the kingdom lags behind in levels of transparency and investor relations (IR) practice.
Formed in 2004, when the Saudi Arabian Monetary Agency, the central bank, decided equities and bond markets needed their own regulator, the CMA went through a stiff initiation during the share collapse of 2006 and introduced tough rules.
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