Saudi Arabia’s regulator the Capital Market Authority (CMA) has surprised many in the Gulf region by issuing a strongly worded warning notice to those operating without a licence in the country.
The CMA warned in a notice that appeared in Saudi Arabia’s national newspaper that “conducting securities business without a licence shall be considered violating the relevant provisions of the capital market law and its implementing regulations and shall be subject to sanctions.”
A significant issue for financial services companies, such as funds or insurance providers, is the cost of getting a licence to operate in Saudi Arabia, as this requires an office to be set up and a minimum number of staff.
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