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 [1 August 2003],
hereby decides
(a) Article 77 of the Financial Market Institutions Regulation isued by Council Decision 1-83-2005 dated 21 Jumada Al-Awwal 1426, corresponding to 28 June 2005, amended by Decision 1-101-2023 dated 8 Rabi Al-Thani 1445, corresponding to 23 October 2023 is hereby amended in accordance with the following text:
Without prejudice to the provisions of this chapter, the Capital Market Authority may:
1. Deposit the money of the client in an account that provides returns at a local or foreign bank, and obtain those returns or part of it, provided that the prior written approval of the client is obtained for that, and the conditions stipulated in the Client Money Rules are met.
2. Provide a service to the client through which his money deposited in his investment account is invested and a return is provided on it, provided that the following is met:
(a) Compliance with the requirements of understanding risks and suitability, in accordance with the provisions of these regulations.
(b) Obtain the prior written approval of the client to receive that service and the terms of its provision, including the period within which the client can—upon his request—recover his invested funds.
(c) The investment must be within the Kingdom and in short-term and low-risk products.
It must be effective from the date of its publication.
(b) Announce the content of paragraph (a) of this decision on the websites of the authority and the Saudi Stock Exchange.
Chairman of the Board of the Capital Market Authority
Mohammed bin Abdullah Al-Quweiz
Issued on: 16 Jumada Al-Awwal 1446
Corresponding to: 18 November 2024
Published in Umm Al-Qura 5051 issued on 11 October 2024.