Generally, investment funds may only be marketed to investors in the Kingdom if the relevant marketing is made by or through an entity authorised by the CMA to conduct securities business in Saudi Arabia. There are, however, certain exceptions to this requirement; for example, where materials are directed only at CMA-authorised persons, exempt persons (e.g. the Saudi government or SAMA), or institutions (as defined by the CMA). The CMA’s regulations set out detailed requirements for both the content of marketing materials and the manner in which marketing is conducted, e.g. cold calling.