«السوق المالية»: اعتماد طرح شهادات الإيداع السعودية مقابل أسهم أجنبية

The Capital Market Authority Board has approved the regulatory framework for issuing Saudi deposit certificates in the financial market against shares issued in a foreign country and listed on its financial market, to be effective from the date of its publication.

This regulatory framework was adopted with the aim of providing a new financial instrument by organizing the issuance of deposit certificates in the financial market against shares issued in a foreign market, which contributes to deepening the Saudi financial market and enhancing its role in capital formation, in addition to increasing its attractiveness by providing additional listing options in the financial market and diversifying investment products.

According to what was approved in the regulatory framework, the authority will allow foreign companies to register and issue deposit certificates in the Saudi financial market corresponding to their shares in the foreign financial market after obtaining approval. The requirements for registering and issuing deposit certificates will be similar to the requirements for registering and issuing shares currently in effect under the securities offering and continuous obligations rules.

The issuer of Saudi deposit certificates will be subject to the same continuous obligations that apply to the foreign company whose shares are listed in the main market, according to the listing rules, with some exceptions taken into consideration.

In 2020, the Capital Market Authority allowed companies listed in the local financial market to issue deposit certificates outside the Kingdom against their shares traded in the Saudi market, aiming to enhance the foundations of the Kingdom's Vision 2030, which seeks to make the Saudi financial market attractive for both local and foreign investment. It has now decided to allow the issuance of deposit certificates for foreign companies against their shares issued in a foreign market.