The Board of the Capital Market Authority,
based on the Capital Market Law issued by Royal Decree D/30 dated 2 Jumada Al-Thani 1424 [31 July 2003],
hereby decides
(a) A new paragraph with the order (d) is hereby added to article 15 of the Rules for Offering Securities and Continuous Obligations issued by the board Decision 3-123-2017 dated 9 Rabi Al-Thani 1439 [27 December 2017], amended by Decision 3-114-2024 dated 4 Rabi Al-Thani 1446 [7 October 2024], with the following text:
(d) The registration and public offering of Saudi depositary receipts must be subject to the provisions governing the registration and offering of shares stipulated in this part (where applicable). For the purposes of applying the law and its executive regulations, the foreign company whose shares correspond to the Saudi depository receipts is the issuer of those receipts.
It enters into force from the date of its publication.
(b) The definition of the term “Saudi depository receipts” is hereby added to the List of Terms Used in the Regulations and Rules of the Capital Market Authority issued by board Decision 4-11-2004 dated 20 Sha’ban 1425 [4 October 2004], amended by its Decision 3-6-2024 dated 5 Rajab 1445 [17 January 2024], with the following text:
Securities issued for the purpose of listing on the Saudi Stock Exchange in exchange for shares issued in a foreign country and listed on its market or whose issuer has made the necessary arrangements for its listing in it.
It enters into force on the date of its publication.
(c) The content of paragraph (a) and paragraph (b) of this decision must be announced on the websites of the authority and the Saudi Tadawul Company.
Vice Chairman of the Board of the Capital Market Authority
Youssef bin Hamad Al-Blihid
Issued on: 21 Dhu Al-Qa’dah 1446
Corresponding to: 19 May 2025
Published in Umm Al-Qura 5101 issued on 15 August 2025.