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CMA LAW: Resolution No. (168) of 2024 Regarding Development of Rules and Regulations for Financial Integrity and Soundness Standards in the Executive Bylaws for Unlicensed Listed Companies
Date Publish
22 December 2024
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (39) of 2024 held on 18/12/2024.
The Following Was Resolved
Article (1)
Module Fifteen (Corporate Governance) 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 is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (2)
Appendix 3 (Mechanism for Applying the Rules of Financial Integrity and Soundness Standards to Members of the Board of Directors of Unlicensed Listed Companies) of Module Fifteen (Corporate Governance) 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 is hereby added pursuant to Annex (2) attached to this Resolution.
Article (3)
Unlicensed Listed Companies shall be granted a transitional period to meet the requirements for the standards of financial integrity and soundness for Board Members and Executive Management not later than 30/06/2025.
Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from 1/1/2025, and it shall be published in the Official Gazette.
Prof. Ahmad Al-Melhem
Issued on: 22/12/2024.
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