The CMA Calls for Public Consultation on Improving the Regulatory Framework for Securitization
The Capital Market Authority (CMA) called upon all interested persons and participants in the capital market to share their feedback on the Draft Amendments to Improve the Regulatory Framework for Securitization, through the development of a number of regulatory provisions in the Rules on the Offer of Securities and Continuing Obligations, the Rules for Special Purposes Entities, and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority. The consultation period will last for 45 calendar days, ending on 19/12/1447H, corresponding to 05/06/2026.
The Draft aims to deepen the sukuk and debt instruments market in the Kingdom by improving the regulatory framework for securitization operations to be stimulating and enabling, in addition to enhancing the diversity of investment products available in the capital market, thereby supporting a diversified investor base and increasing the market's efficiency and attractiveness to various categories of investors.
The proposed amendments encompass a number of regulatory aspects aimed at supporting market development. Most notably, they include allowing the public offering of asset-backed debt instruments through securitization operations, alongside developing the regulatory requirements related to the offering of this type of debt instruments. The amendments also aim to enhance the level of disclosures related thereto, contributing to higher levels of transparency in the capital market and supporting investors' ability to make informed investment decisions based on clear and comprehensive information.
The proposed Draft comes as part of the CMA's ongoing efforts to develop the regulatory environment of the Kingdom's capital market and to align with international best practices in sukuk and debt instruments markets, contributing to supporting the growth of the capital market and enhancing its role in financing the economy and diversifying investment channels in the Saudi market.
The CMA emphasized that the comments of relevant and interested persons, including individuals, government entities, the private sector, and CMA's supervised entities, shall be taken into full consideration for the purpose of approving the final proposed Draft, which in turn shall contribute to the aim of enhancing and developing the regulatory environment. Opinions and comments can be received through any of the following:
The Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the Saudi Competitiveness & Business Center through the following link: istitlaa.ncc.gov.sa
The prescribed form through the following email: Laws.Regulations@cma.org.sa
The Draft can be reviewed through the following link:
The Draft Amendments to the Rules for Special Purposes Entities and the Rules on the Offer of Securities and Continuing Obligations and the Glossary of Defined Terms Used in The Regulations and Rules of the Capital Market Authority
Guideline for Periodic Reports for Public Offerings of Asset-Backed Debt Instruments Issued by Special Purpose Entities
Prescribed form for providing comments
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