Regulatory Alerts2020-10-05
Extending the Exception for Primary Dealers in Local Sovereign Securities
The Saudi Arabian Monetary Authority (SAMA) issued a circular extending the exemption for local banks acting as primary dealers in Saudi sovereign securities from Articles 5 and 17 of the Securities Activities Regulations. This extension grants additional exception periods of 12 to 24 months for investment companies, social insurance and pension entities, and Saudi Aramco, calculated from the expiry of their original exemption terms. The directive takes effect upon email notification on May 7, 2020, and mandates that all domestic banks apply these updated exemption durations to their principal, agent, or arranging transactions with the Ministry of Finance.
Share