Financial regulation in Saudi Arabia is divided between the Saudi Arabian Monetary Authority (“SAMA”) for banks, insurance companies, and finance companies and the Capital Market Authority (“CMA”) for securities business and the Saudi capital markets.
SAMA and the CMA, respectively, are constantly developing regulations to ensure a business environment that fosters both investor confidence and prudent risk management by regulated entities and that encourages economic growth and innovation. One of the 12 executive programs consolidated from Vision 2030 is the Financial Sector Development Program, whose goal is diversifying the financial sector and making it more efficient in order to enable financial institutions to support the growth of the private sector.
Some examples of recent developments that demonstrate these trends are:
Z&Co. is the leading law firm in Jeddah & Riyadh, Saudi Arabia, working with Linklaters, has wide experience advising on financial regulatory matters, including with local and foreign financial institutions and investors. Contact us now.