اعتمد مجلس هيئة السوق المالية الإطار التنظيمي الذي يمكّن مؤسسات السوق المالية الحاصلة على ترخيص «الترتيب» من طرح أدوات الدين في سوق الصكوك وأدوات الدين عبر منصات التمويل الجماعي بالأوراق المالية.
ويأتي هذا الإطار بعد أن خضع النشاط للتجربة في مختبر التقنية المالية منذ الربع الثاني من 2021، ليعد اليوم أحد الأنشطة التي يمكن تقديمها من خلال ترخيص ممارسة أعمال الأوراق المالية في نشاط «الترتيب».
واعتمدت الهيئة تعديل قواعد طرح الأوراق المالية والالتزامات المستمرة، والقواعد المنظمة للمنشآت ذات الأغراض الخاصة، ولائحة مؤسسات السوق المالية، ليُعمَل بها ابتداءً من تاريخ نشرها.
ويهدف الإطار التنظيمي إلى زيادة عدد مؤسسات السوق المالية الممارسة لأنشطة التقنية المالية في السوق، كذلك توسيع مشاركة مؤسسات السوق المالية في طرح أدوات الدين في سياق ممارستها التمويل الجماعي بالأوراق المالية، ما يؤدي إلى تعميق سوق أدوات الدين، وتعزيز جاذبيتها بالنسبة إلى المُصدِرين والمستثمرين، بما يتماشى مع الأهداف الإستراتيجية للهيئة.
اشتراط الترخيص
وتتمثل أبرز عناصر الإطار التنظيمي الرئيسية المعتمدة في تمكين مؤسسات السوق المالية من طرح أدوات الدين في سوق الصكوك وأدوات الدين، باشتراط الحصول على ترخيص «الترتيب» لممارسة النشاط من قبل مؤسسات السوق المالية، ما يمكّن الشركات الحاصلة على تصريح تجربة التقنية المالية أو المهتمين بتقديم النشاط من الحصول على الترخيص المناسب لممارسته بصفتها مؤسسة سوق مالية، الأمر الذي يسهم في تنويع مصادر تمويل الشركات واستدامتها، وتمكين وصول شرائح مختلفة من المستثمرين إلى أدوات الدين.
ووفقاً للإطار التنظيمي المعتمد، فقط جاء اشتراط حصول مؤسسات السوق المالية على ترخيص «الترتيب» في أعمال الأوراق المالية إذا ما أرادت القيام بهذا النوع من الطرح، لتمكينها من طرح أدوات الدين من خلال منصات التمويل الجماعي بالأوراق المالية كإحدى حالات الطرح المستثنى وفقاً لقواعد طرح الأوراق المالية والالتزامات المستمرة، مع إمكانية استخدام الطرح الخاص لتوسعة نطاق الطرح المستهدف وحجمه.
متطلبات التوظيف
وجاء من أبرز عناصر الإطار التنظيمي أيضاً، تطوير متطلبات الوظائف واجبة التسجيل، ومتطلبات حفظ أموال العملاء لمؤسسات السوق المالية المرخص لها في ممارسة أعمال الترتيب في سياق ممارسة التمويل الجماعي بالأوراق المالية.
وستستمر أعمال شركات التقنية المالية المصرّح لها بممارسة النشاط المذكور في الإعلان ضمن مختبر التقنية المالية حتى انتهاء فترة التصريح، ومن ثم يمكنها التقدم للحصول على الترخيص الملائم لممارسة النشاط وفق أحكام الإطار التنظيمي المعتمد، فيما تم إيقاف استقبال طلبات تقديم هذا النشاط ضمن مختبر التقنية المالية في الهيئة، ما لم تتضمن جانباً ابتكارياً تتعين تجربته، في ضوء صدور الإطار التنظيمي لتمكين ممارسته من قبل مؤسسات السوق المالية.
نشاط متنامٍ
يُذكر أن منصات طرح أدوات الدين والاستثمار فيها شهدت نشاطاً متنامياً خلال تجربتها في مختبر التقنية المالية، وسجلت نمواً ملحوظاً خلال 2024، وارتفعت قيمة الصكوك المطروحة عبرها إلى نحو 3.4 مليار ريال مقارنة بـ1.5 مليار ريال في 2023، كما ارتفع عدد التصاريح الممنوحة لمزاولة هذا النشاط إلى 17 تصريحاً مقابل 14 تصريحاً في العام السابق.
ويأتي هذا الاعتماد في إطار تعزيز سوق أدوات الدين وتوسيع قاعدتها الاستثمارية من خلال تمكين مؤسسات السوق المالية المرخص لها في ممارسة أعمال الترتيب بطرح أدوات الدين في سياق التمويل الجماعي بالأوراق المالية، ضمن مشروع «تطوير الإطار التنظيمي لمنصات طرح أدوات الدين والاستثمار فيها» الذي سبق أن نشرته الهيئة في 20 مارس 2025 على المنصة الإلكترونية الموحدة، لاستطلاع آراء العموم والجهات الحكومية التابعة للمركز الوطني للتنافسية «منصة استطلاع» وموقع الهيئة الإلكتروني.
«السوق»: إتاحة طرح أدوات الدين عبر التمويل الجماعي للمؤسسات الحاصلة على «الترتيب»
8 سبتمبر 2025 - 21:57
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آخر تحديث 8 سبتمبر 2025 - 21:57
تابع قناة عكاظ على الواتساب
«عكاظ» (الرياض)
The Board of the Capital Market Authority has approved the regulatory framework that enables licensed financial market institutions with a "placement" license to offer debt instruments in the Sukuk market and debt instruments through crowdfunding platforms for securities.
This framework comes after the activity was tested in the financial technology lab since the second quarter of 2021, making it today one of the activities that can be offered through the securities business practice license in the "placement" activity.
The Authority has adopted amendments to the rules for offering securities and continuous obligations, the rules governing special purpose entities, and the regulations for financial market institutions, which will be effective from the date of publication.
The regulatory framework aims to increase the number of financial market institutions engaging in financial technology activities in the market, as well as to expand the participation of financial market institutions in offering debt instruments in the context of their crowdfunding activities for securities, which leads to deepening the debt instrument market and enhancing its attractiveness for issuers and investors, in line with the Authority's strategic objectives.
Licensing Requirement
The main elements of the approved regulatory framework include enabling financial market institutions to offer debt instruments in the Sukuk market and debt instruments, requiring them to obtain a "placement" license to practice the activity. This allows companies with a financial technology experiment permit or those interested in providing the activity to obtain the appropriate license to practice it as a financial market institution, contributing to diversifying corporate funding sources and ensuring their sustainability, and enabling different segments of investors to access debt instruments.
According to the approved regulatory framework, the requirement for financial market institutions to obtain a "placement" license in securities business only applies if they wish to engage in this type of offering, enabling them to offer debt instruments through crowdfunding platforms for securities as one of the exempt offering cases according to the rules for offering securities and continuous obligations, with the possibility of using private offerings to expand the scope and size of the targeted offering.
Employment Requirements
Another key element of the regulatory framework is the development of job registration requirements and client fund safeguarding requirements for licensed financial market institutions practicing placement activities in the context of crowdfunding for securities.
The activities of financial technology companies authorized to practice the mentioned activity in the announcement will continue within the financial technology lab until the end of the authorization period, after which they can apply for the appropriate license to practice the activity according to the provisions of the approved regulatory framework, while the reception of applications for this activity within the financial technology lab at the Authority has been suspended unless they include an innovative aspect that needs to be tested, in light of the issuance of the regulatory framework to enable its practice by financial market institutions.
Growing Activity
It is noteworthy that the platforms for offering and investing in debt instruments have witnessed growing activity during their trial in the financial technology lab, recording significant growth during 2024, with the value of Sukuk offered through them rising to approximately 3.4 billion riyals compared to 1.5 billion riyals in 2023. Additionally, the number of permits granted to practice this activity increased to 17 permits compared to 14 permits in the previous year.
This approval comes as part of enhancing the debt instrument market and expanding its investment base by enabling licensed financial market institutions to practice placement by offering debt instruments in the context of crowdfunding for securities, within the project "Developing the Regulatory Framework for Platforms Offering Debt Instruments and Investing in Them," which the Authority previously published on March 20, 2025, on the unified electronic platform, to solicit public opinions and those of government entities affiliated with the National Competitiveness Center "Survey Platform" and the Authority's website.
This framework comes after the activity was tested in the financial technology lab since the second quarter of 2021, making it today one of the activities that can be offered through the securities business practice license in the "placement" activity.
The Authority has adopted amendments to the rules for offering securities and continuous obligations, the rules governing special purpose entities, and the regulations for financial market institutions, which will be effective from the date of publication.
The regulatory framework aims to increase the number of financial market institutions engaging in financial technology activities in the market, as well as to expand the participation of financial market institutions in offering debt instruments in the context of their crowdfunding activities for securities, which leads to deepening the debt instrument market and enhancing its attractiveness for issuers and investors, in line with the Authority's strategic objectives.
Licensing Requirement
The main elements of the approved regulatory framework include enabling financial market institutions to offer debt instruments in the Sukuk market and debt instruments, requiring them to obtain a "placement" license to practice the activity. This allows companies with a financial technology experiment permit or those interested in providing the activity to obtain the appropriate license to practice it as a financial market institution, contributing to diversifying corporate funding sources and ensuring their sustainability, and enabling different segments of investors to access debt instruments.
According to the approved regulatory framework, the requirement for financial market institutions to obtain a "placement" license in securities business only applies if they wish to engage in this type of offering, enabling them to offer debt instruments through crowdfunding platforms for securities as one of the exempt offering cases according to the rules for offering securities and continuous obligations, with the possibility of using private offerings to expand the scope and size of the targeted offering.
Employment Requirements
Another key element of the regulatory framework is the development of job registration requirements and client fund safeguarding requirements for licensed financial market institutions practicing placement activities in the context of crowdfunding for securities.
The activities of financial technology companies authorized to practice the mentioned activity in the announcement will continue within the financial technology lab until the end of the authorization period, after which they can apply for the appropriate license to practice the activity according to the provisions of the approved regulatory framework, while the reception of applications for this activity within the financial technology lab at the Authority has been suspended unless they include an innovative aspect that needs to be tested, in light of the issuance of the regulatory framework to enable its practice by financial market institutions.
Growing Activity
It is noteworthy that the platforms for offering and investing in debt instruments have witnessed growing activity during their trial in the financial technology lab, recording significant growth during 2024, with the value of Sukuk offered through them rising to approximately 3.4 billion riyals compared to 1.5 billion riyals in 2023. Additionally, the number of permits granted to practice this activity increased to 17 permits compared to 14 permits in the previous year.
This approval comes as part of enhancing the debt instrument market and expanding its investment base by enabling licensed financial market institutions to practice placement by offering debt instruments in the context of crowdfunding for securities, within the project "Developing the Regulatory Framework for Platforms Offering Debt Instruments and Investing in Them," which the Authority previously published on March 20, 2025, on the unified electronic platform, to solicit public opinions and those of government entities affiliated with the National Competitiveness Center "Survey Platform" and the Authority's website.
