«هيئة السوق» تعتمد تعديلات لائحة صناديق الاستثمار

The Saudi Capital Market Authority's Board has approved a package of enhancements to develop the regulatory environment for investment funds in the Kingdom, through amendments to the Investment Funds Regulation, the Real Estate Investment Funds Regulation, and the glossary of terms used in the regulations and rules of the Capital Market Authority.

The Authority stated in a statement on its website: "The amendments approved by the Board aim to develop the regulatory provisions for investment funds to enhance the asset management industry and increase its competitiveness by identifying areas for development, adopting best global practices, and developing a number of other regulatory provisions that contribute to the growth of the investment funds sector and real estate investment funds, enhance the level of transparency and disclosure for unit holders of investment funds, and achieve governance levels that ensure the protection of investors' rights."

The most notable amendments included enhancing the efficiency of investment fund management by expanding the categories licensed to distribute fund units to include investment fund distribution platforms and electronic money companies licensed by the Saudi Central Bank, through their websites or electronic applications, and developing provisions for the termination of investment funds and the dismissal of the fund manager.

The amendments organized the provisions for the voluntary withdrawal of managers of public and private investment funds, including a requirement for the Authority's approval, with the current fund manager obligated to transfer the management responsibilities of the fund to the alternative manager within 60 days of the Authority's approval of the withdrawal, which contributes to protecting the rights of investors in public and private investment funds and ensures a smooth transition of responsibilities and management operations of investment funds, preserving the rights of unit holders and enhancing investor confidence in the financial market.

The amendments aimed to expand investment opportunities for real estate funds traded in the parallel market "Nomu," support the diversification of their assets, and increase their flexibility to enhance potential returns for investors. The approved amendments included allowing them, upon the establishment of the fund, to invest in real estate development projects without being restricted by the ratios stated in the investment policy and the asset restrictions outlined in the Real Estate Investment Funds Regulation.

Among the amendments approved by the Board was allowing public funds to subscribe to debt instruments offered through a private placement if issued by issuers within the Kingdom, to enable the growth of the asset management industry. Under this project, the public fund manager will be able to subscribe with a larger number of debt instrument issuers, following the removal of the conditions imposed on them according to the Investment Funds Regulation.

The amendments included obligating managers of money market funds and capital protection funds not to invest more than 10% of the net asset value of the fund in debt instruments issued by a single issuer, and that the total investments of the fund in one entity do not exceed 25% of the net asset value of the fund, in order to limit risks and increase the diversification of the fund's portfolio.