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） The amended Rules on the Offer of Securities and Continuing Obligations, the amended Rules Governing Special Purpose Vehicles, and the amended Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority are hereby approved in accordance with the attached form, and they come into force from the date of their publication.
(b） The Capital Market Institutions Regulation, issued by Board Decision 1-83-2005 dated 21 Jumada Al-Awwal 1426, corresponding to 28 June 2005, as amended by Board Decision 2-57-2025 dated 28 Dhu Al-Qa’dah 1446, corresponding to 26 May 2025, is hereby amended as follows:
First
Article 19(b) of the regulation is amended by adding the following text:
8․ The information technology officer of a capital market institution licensed to practice arranging activities in the context of its practice of securities crowdfunding activities.
It enters into force from the date of its publication.
Second
Article 69(d) of the regulation is hereby amended to read as follows:
(d） As an exception to the provisions of paragraph (c) of this article, a capital market institution licensed to practice arranging activities may, in accordance with the provisions of this part, hold client funds that it receives in the context of conducting securities crowdfunding activities, provided that it meets the following additional requirements:
1․ The client funds held must not exceed 80,000,000 Saudi Riyal.
2․ The retained funds of a retail client must not exceed 100,000 Saudi Riyal.
It enters into force from the date of its publication.
(c） The content of paragraphs (a) and (b) of this decision must be announced on the websites of the authority and the Saudi Tadawul Company.
Chairman of the Board of the Capital Market Authority
Mohammed bin Abdullah Al-Quweiz
Issued on: 9 Rabi Al-Awwal 1447
Corresponding to: 1 September 2025
Published in Umm Al-Qura 5139 issued on 11 January 2026.