اعتمد مجلس هيئة السوق المالية السعودية عدداً من التعديلات التي تهدف إلى تحسين حوكمة المنشآت ذات الأغراض الخاصة وتسهيل إجراءاتها النظامية، ليُعمَل بها ابتداءً من تاريخ نشرها مع إعطاء مهلة للالتزام ببعض الأحكام المعتمدة.
وذكرت الهيئة في بيان، اليوم، أن التعديلات تهدف إلى تعزيز جاذبية المنشآت ذات الأغراض الخاصة بصفتها كياناً قانونياً لإصدار أدوات الدين والوحدات الاستثمارية، وذلك بتسهيل إجراءات تأسيسها وتمكين عمليات التوريق من خلالها، بما يسهم في دعم تطوير سوق الصكوك وأدوات الدين وتمكين نمو صناعة إدارة الأصول، الأمر الذي بدوره سيلقي بظلاله إيجاباً على تعزيز السيولة وإيجاد فرص استثمارية جديدة.
وسجَّل عدد المنشآت ذات الأغراض الخاصة المرخص لها نمواً ملحوظاً بمنتصف 2025؛ إذ بلغ إجماليها 1239 منشأة، بارتفاع نسبته 87.2% مقارنة بمنتصف 2024.
قنوات تمويل
ويرجع هذا النمو في عدد تراخيص المنشآت إلى توسع شركات التقنية المالية المصرح لها بتجربة طرح أدوات الدين ضمن إطار مختبر التقنية المالية، إضافة إلى تزايد اهتمام الشركات الصغيرة والمتوسطة بالاستفادة من هذه الأدوات كقنوات تمويل بديلة وفعالة.
ووفقاً للتعديلات المعتمدة، فإن أبرز عناصر التطوير جاءت في سياق توسيع قاعدة المُصدِرين في ما يتعلق بالشكل القانوني لراعي المنشأة ذات الأغراض الخاصة، ما لم يتعارض ذلك مع الأنظمة واللوائح ذات الصلة بنشاطها. كما أتاحت التعديلات للمنشأة طرح أدوات الدين طرحاً مستثنىً، ليضاف إلى الخيارات المتاحة حالياً، وهي الطرح العام والطرح الخاص.
عمليات التوريق
علاوة على ذلك، جاء من بين التعديلات تمكين المنشآت ذات الأغراض الخاصة من القيام بعمليات التوريق؛ من خلال إضافة فصل خاص بالمنشئ في عمليات التوريق إلى القواعد المنظمة للمنشآت ذات الأغراض الخاصة.
كما تضمَّن نطاق التعديلات المعتمدة توضيح عدد من صلاحيات أعضاء مجلس إدارة المنشأة المُصدِرة لأدوات دين، وصلاحيات مدير صندوق الاستثمار الذي يتخذ شكل المنشأة ذات الأغراض الخاصة في نماذج النظام الأساسي للمنشأة.
إضافة إلى ذلك، تتضمن التعديلات المعتمدة تطوير حوكمة المنشآت ذات الأغراض الخاصة بما في ذلك تحميل الوصي مسؤولية تمثيل مصالح حَمَلة أدوات الدين، وتطوير أحكام عزله، علاوة على اشتراط استقلالية أعضاء مجلس إدارة المنشأة عن الراعي والمنشئ، وتطوير إجراءات إلغاء المنشأة.
النظام الأساسي
ويجب على المنشآت ذات الأغراض الخاصة المرخص لها قبل تاريخ نشر القواعد المنظمة للمنشآت ذات الأغراض الخاصة (المعدلة) تقديم النظام الأساسي الموثق إلى الهيئة وذلك وفقاً لنموذج النظام الأساسي المحدّث والمعتمد والوارد في صفحة النماذج على الموقع الرسمي للهيئة خلال مدة لا تتجاوز 180 يوماً ابتداءً من تاريخ نشر هذا الإعلان، فيما تم منح المنشآت ذات الأغراض الخاصة المرخص لها قبل تاريخ نشر هذه القواعد مهلة لمدة 90 يوماً للعمل بالفقرتين (ب) و(ج) من المادة العشرين من القواعد المنظمة للمنشآت ذات الأغراض الخاصة.
1239 منشأة ذات أغراض خاصة مرخصة في النصف الأول 2025
اعتماد تعديلات لتحسين حوكمة المنشآت ذات الأغراض الخاصة في السوق السعودية
8 سبتمبر 2025 - 22:00
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آخر تحديث 8 سبتمبر 2025 - 22:00
تابع قناة عكاظ على الواتساب
«عكاظ» (الرياض)
The Saudi Capital Market Authority Board has approved a number of amendments aimed at improving the governance of special purpose entities and facilitating their regulatory procedures, to be effective from the date of publication, with a grace period for compliance with some of the approved provisions.
The Authority stated in a statement today that the amendments aim to enhance the attractiveness of special purpose entities as a legal entity for issuing debt instruments and investment units, by facilitating their establishment procedures and enabling securitization operations through them, which contributes to supporting the development of the sukuk and debt instruments market and enabling the growth of the asset management industry, which in turn will positively impact liquidity enhancement and the creation of new investment opportunities.
The number of licensed special purpose entities recorded significant growth by mid-2025; reaching a total of 1,239 entities, an increase of 87.2% compared to mid-2024.
Funding Channels
This growth in the number of licensed entities is attributed to the expansion of licensed fintech companies authorized to experiment with issuing debt instruments within the framework of the fintech laboratory, in addition to the increasing interest of small and medium-sized enterprises in benefiting from these instruments as alternative and effective funding channels.
According to the approved amendments, the most prominent elements of development came in the context of expanding the base of issuers regarding the legal form of the sponsor of the special purpose entity, unless this contradicts the relevant regulations and rules related to its activity. The amendments also allowed the entity to issue debt instruments in an exempt offering, adding to the currently available options, which are public offerings and private placements.
Securitization Operations
Moreover, among the amendments was enabling special purpose entities to conduct securitization operations; by adding a specific section for the originator in securitization operations to the regulations governing special purpose entities.
The scope of the approved amendments also included clarifying a number of powers of the board members of the entity issuing debt instruments, and the powers of the investment fund manager who takes the form of the special purpose entity in the entity's articles of association models.
Additionally, the approved amendments include developing the governance of special purpose entities, including holding the trustee responsible for representing the interests of debt instrument holders, developing provisions for their dismissal, in addition to requiring the independence of board members from the sponsor and originator, and developing procedures for the dissolution of the entity.
Articles of Association
Licensed special purpose entities must submit the documented articles of association to the Authority before the date of publication of the amended regulations governing special purpose entities, in accordance with the updated and approved articles of association model found on the Authority's official website within a period not exceeding 180 days from the date of publication of this announcement, while a grace period of 90 days has been granted to licensed special purpose entities before the date of publication of these regulations to comply with paragraphs (b) and (c) of Article 20 of the regulations governing special purpose entities.
The Authority stated in a statement today that the amendments aim to enhance the attractiveness of special purpose entities as a legal entity for issuing debt instruments and investment units, by facilitating their establishment procedures and enabling securitization operations through them, which contributes to supporting the development of the sukuk and debt instruments market and enabling the growth of the asset management industry, which in turn will positively impact liquidity enhancement and the creation of new investment opportunities.
The number of licensed special purpose entities recorded significant growth by mid-2025; reaching a total of 1,239 entities, an increase of 87.2% compared to mid-2024.
Funding Channels
This growth in the number of licensed entities is attributed to the expansion of licensed fintech companies authorized to experiment with issuing debt instruments within the framework of the fintech laboratory, in addition to the increasing interest of small and medium-sized enterprises in benefiting from these instruments as alternative and effective funding channels.
According to the approved amendments, the most prominent elements of development came in the context of expanding the base of issuers regarding the legal form of the sponsor of the special purpose entity, unless this contradicts the relevant regulations and rules related to its activity. The amendments also allowed the entity to issue debt instruments in an exempt offering, adding to the currently available options, which are public offerings and private placements.
Securitization Operations
Moreover, among the amendments was enabling special purpose entities to conduct securitization operations; by adding a specific section for the originator in securitization operations to the regulations governing special purpose entities.
The scope of the approved amendments also included clarifying a number of powers of the board members of the entity issuing debt instruments, and the powers of the investment fund manager who takes the form of the special purpose entity in the entity's articles of association models.
Additionally, the approved amendments include developing the governance of special purpose entities, including holding the trustee responsible for representing the interests of debt instrument holders, developing provisions for their dismissal, in addition to requiring the independence of board members from the sponsor and originator, and developing procedures for the dissolution of the entity.
Articles of Association
Licensed special purpose entities must submit the documented articles of association to the Authority before the date of publication of the amended regulations governing special purpose entities, in accordance with the updated and approved articles of association model found on the Authority's official website within a period not exceeding 180 days from the date of publication of this announcement, while a grace period of 90 days has been granted to licensed special purpose entities before the date of publication of these regulations to comply with paragraphs (b) and (c) of Article 20 of the regulations governing special purpose entities.
