Extending the Exception for Primary Dealers in Local Sovereign Securities
| No: 42009011 | Date(g): 5/10/2020 | Date(h): 18/2/1442 |
Effective from May 07 2020 - May 06 2020
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Reference to the decision of the Capital Market Authority Council issued on 22/9/1439 AH (corresponding to 6/6/2018) approving the exemption of local banks from the requirements of Articles 5 and 17 of the Securities Business Regulations issued by the Authority when conducting activities as a principal or as an agent, or in arranging transactions with the Ministry of Finance as primary dealers in local sovereign securities issued by the Government of the Kingdom of Saudi Arabia, concerning their dealings with the client categories specified in the table below:
Client Category | Duration of Exemption |
| Investment companies, except for the two client categories mentioned below | 18 months |
| The General Organization for Social Insurance, the Public Pension Agency, or Saudi Aramco | 24 months |
| Local banks | 60 months |
I would like to inform you of the receipt of a letter from His Excellency the Minister of Finance, Chairman of the National Debt Management Center, No. 8497 dated 26/8/1441 AH, stating the issuance of a decision by the Capital Market Authority Council on 1/7/1441 AH (corresponding to 25/2/2020) approving the extension of the exemption period granted under the Council’s decision dated 22/9/1439 AH (corresponding to 6/6/2018) mentioned above, concerning the dealings of banks with the client categories specified in the table below:
Client Category | Additional Duration of Exemption |
| Investment companies, except for the General Organization for Social Insurance, the Public Pension Agency, Saudi Aramco, and local banks | 12 months from the expiration of the exemption period granted according to the aforementioned decision
|
The General Organization for Social Insurance, the Public Pension Agency, and Saudi Aramco
| 24 months from the expiration of the exemption period granted according to the aforementioned decision |