Saudi's CMA invites comments on draft rules for offering and listing share classes
The proposed draft aims to develop the regulatory framework, including enhanced disclosure requirements for all types and classes of shares. It also includes regulations related to redeemable shares and disclosures concerning the conversion of shares from one type or class to another. These enhancements are intended to facilitate financing for such companies through the capital market, help meet the funding needs of companies and the economy, and offer a broader range of investment options for investors.
The CMA emphasized that comments submitted by individuals, government entities, the private sector, and entities under the CMA's supervision will be carefully considered as part of the process to approve the final version of the draft. This will support the goal of improving and developing the regulatory environment.
The draft and the feedback submission form can be accessed through the following link: https://cma.org.sa/Market/News/pages/CMA_N_3780.aspx.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
4 hours ago
- Tahawul Tech
Apple and Google seen as having UK duopoly
A UK competition regulator has suggested that Apple and Google may be required to change the way they operate some of their mobile services to avoid being anti-competitive. The Competition and Markets Authority (CMA) is investigating the tech giants over their app stores, browsers and operating systems. 'Around 90-100% of UK mobile devices running on Apple or Google's mobile platforms,' the CMA said, adding this means the firms 'hold an effective duopoly'. Apple said it is concerned the ruling would negatively impact its customers in the UK, while Google called the decision 'both disappointing and unwarranted'. A law which came in last year means the regulator can demand changes at a firm if it is found to hold too much market power. The proposed decision would designate Apple and Google as having 'strategic market status'. The companies have a month to make their cases to the CMA, before a final decision will be made in October. If it is finalised, the companies may have to make changes to their services in a way that the regulator says promotes competition and gives more choice to consumers. The CMA is focusing on the companies' app stores, including how prominent Apple and Google's own apps are compared with rival apps. CMA Chief Executive Sarah Cardell said the proposals 'would enable UK app developers to remain at the forefront of global innovation while ensuring UK consumers receive a world-class experience'. What do Apple and Google say? 'We're concerned the rules the UK is now considering would undermine the privacy and security protections that our users have come to expect, hamper our ability to innovate, and force us to give away our technology for free to foreign competitors,' an Apple spokesperson said. 'We will continue to engage with the regulator to make sure they fully understand these risks.' Google's Senior Director of Competition Oliver Bethell said it was 'crucial that any new regulation is evidence-based, proportionate and does not become a roadblock to growth in the UK.' He added the Android operating system, Chrome browser and Play app store 'enable great choice, security and innovation for users'. 'We remain committed to constructive engagement with the CMA for the duration of this process'. Android and Blink, the engine which powers the Chrome browser, are open source, which means developers can use their underlying code for free. Google's view is this enables greater competition and allows for cheaper products to be made. Consumer rights group Which? welcomed the probe from the regulator. 'While these companies have driven innovation, their dominance is now causing real harm to consumers and to the businesses that depend on them', said Rocio Concha, Director of Policy and Advocacy. Source: BBC News Image Credit: Apple & Google
Zawya
a day ago
- Zawya
Saudi Arabia's National Signage Industrial to float 20% in August Nomu IPO
National Signage Industrial Company will start selling 20% of its capital through an IPO on the Nomu-Parallel Market from mid-August. The offering period for 1.5 million shares will begin on August 17 and will end on August 24 for qualified investors, Yaqeen Capital, the financial advisor and lead manager on the potential offering, said in a statement to the Saudi stock exchange on Monday. In March, the Saudi Exchange and the Capital Market Authority (CMA) had approved the company's IPO application. (Editing by Seban Scaria
Zawya
a day ago
- Zawya
The CMA approves an incentive measure to support credit-rated debt instruments
The Capital Market Authority's (CMA's) Board approved an incentive measure for public offerings of debt instruments, granting priority in the review of public offering applications to issuers or issuances that have obtained a credit rating from a CMA-licensed credit rating agency. This measure will remain in effect until the end of 2026. This initiative comes as part of the CMA's commitment to enhancing the efficiency and transparency of the debt instruments market and supporting its role as a primary source of business financing and economic growth. It also aims to encourage issuers of publicly offered debt instruments to obtain credit ratings to broaden investor participation and strengthen the market's depth and efficiency. This measure forms part of the CMA's strategy to deepen the Saudi capital market and enhance its attractiveness and transparency, in line with the objectives of Saudi Vision 2030 to diversify funding sources and promote financial sustainability. A credit rating is not merely an indicator of the issuer's creditworthiness; rather, it serves as an effective tool enabling investors to make well-informed investment decisions. Through this measure, the CMA aims to build a more mature and stable debt instruments market with a diversified investor base and strengthened confidence among all participants. It also seeks to expand the investor base by enabling them to assess the risks of investing in publicly offered debt instruments, in addition to accelerating the review procedures by the CMA. This measure is expected to enhance companies' access to the debt instruments market to meet their financing needs, stimulate the number of issuances, and increase the attractiveness of offerings to investors. A credit rating facilitates the financial advisor's ability to market the offering, particularly to institutional and qualified investors who rely on such ratings in their investment decisions. A credit rating is defined as a forward-looking opinion on credit risk, which reflects the likelihood of issuers defaulting on their financial obligations in the short or long term, as well as the potential severity of financial losses for creditors in the event of default. Issuers use credit ratings to signal their creditworthiness and attract investors, while investors rely on them to support their credit analysis of issuers and debt instruments.
