CMA LAW: Announcement Regarding the Conclusion of the Specified Application Period for Persons Interested in Providing Financial Technology Services Regulated by the Capital Markets Authority During the Initial Implementation Phase

Based on CMA Resolution No. (181) of 2023 Regarding the Launch of the Initial Implementation Phase of Module Nineteen (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, the Capital Markets Authority (CMA) announces the conclusion of the designated application period for persons interested in providing financial technology services regulated by the CMA – namely, the Securities-Based Crowdfunding and Digital Financial Advisory – to submit their applications for registration in CMA’s register of financial technologies services during the initial implementation phase of Module Nineteen (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010 and its amendments. Additionally, the transitional period for regularizing the status of persons providing any financial technology services for their clients set forth in Module Nineteen (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, ended before the issuance date of Resolution No. (10) of 2023 Regarding Issuance of Module Nineteen (Financial Technologies) referred to, on 01/07/2024.

It is worth noting the commencement of the application review phase and the provision k of financial technology services after obtaining the CMA’s approval and registering in its  financial technology register, which will continue during the initial implementation phase until 01/07/2025. This will be followed by a comprehensive regulatory framework assessment and development to benefit the financial technology sector and enhance the protection of its stakeholders. 

The CMA invites everyone to communicate with them through the relevant organizational unit responsible for financial technologies concerning the regulatory framework for financial technologies, their products and services, which contributes to the integration of efforts to implement this unprecedented initiative of securities activities and enhances its chances of success.

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.