Title: Resolution No. (145) of 2019 Regarding Amending Some Provisions 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 Within the Framework of the Implementation of the Qualification Examinations Project for Registered Employment Positions

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. (30) of 2019 held on 25/09/2019.

The Following Was Resolved

Article (1)
Module One (Glossary) and Module Five (Securities Activities and Registered Persons) 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 are hereby amended pursuant to Annex (1) attached to this Resolution.  

Article (2)
The Appendices of Module Five (Securities Activities and Registered Persons) 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 are hereby amended as follows:
- Amendment of Appendix 3 - Qualifications and Experience Required in Registered Positions and Employment Positions in Licensed Persons in accordance with Fit and Proper Rules.
- Amendment to Appendix 4 - Mechanism of Submitting Nomination and Registration Application. 
- Amendment to Appendix 5 - Application for Securities Activities License. 
- Amendment to Appendix 6 - Application for Renewing Securities Activities License. 
- Amendment to Appendix 10 - Application for Nomination for Registered Positions and Employment Positions for Licensed Persons in accordance with Fit and Proper Rules 
- Addition of Appendix 14 - Application for Registration of the Registered Positions and Employment Positions for Licensed Persons 
- Addition of Appendix 15 - Application for Renewing the Registration of Employment Positions for Licensed Persons  
- Addition of Appendix 16 - Application for Cancellation of the Registration of Registered Positions and Employment Positions for Licensed Persons
 
Article (3)
The Qualification Examinations Project for Registered Employment Positions, in cooperation with CISI, shall enter into force as of 30 September 2019 through the Professional Qualifications Program set out in Appendix 3 “Qualifications and Experience Required in Registered Positions and Employment Positions in Licensed Persons in accordance with Fit and Proper Rules” of Module Five (Securities Activities and Registered Persons) 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 in accordance with Annex (1) attached to this Resolution, and as provided for in the following articles.

Article (4)
Registered Persons with the Authority prior to the Preliminary Implementation Phase that commences from 1 October 2019 shall be exempted from the implementation of the Professional Qualifications Program. They shall be given until 30 September 2020 to meet one of the following requirements: 
- Participating in training courses related to the technical and regulatory qualifications in accordance with the requirements of the Professional Qualifications Program.
- Passing the technical and regulatory qualifications voluntarily without the need to participate in training courses.
- Obtaining the professional certificate or years of experience required to be exempt from the technical qualification in accordance with the Professional Qualifications Program. 

Article (5)
Persons applying to the Authority for nomination and registration for the Registered Employment Positions during the period between the Preliminary Implementation Phase that commences from 1 October 2019 and ends on 30 September 2020 shall be exempted from the implementation of the Professional Qualifications Program, until the renewal of their registration for the Registered Employment Positions at the Authority. The implementation of the Professional Qualifications Program is mandatory upon renewal of registration.

Article (6)
The Mandatory Implementation Phase of the Professional Qualifications Program for applicants to the Authority shall commence from 1 October 2020.

Article (7)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette. 

Prof. Ahmad A. Al-Melhem
Issued on: 30/09/2019

The Translated Document

Copy of the Official Document