Saudi Arabian Capital Market Authority issues regulations on depositary receipts

On 7 September 2020, the Capital Market Authority of Saudi Arabia (CMA) issued instructions relating to listing of depositary receipts outside of the Kingdom (Instructions). Previously, foreign issuers were allowed to be listed on the Saudi Stock Exchange (Tadawul), but the CMA’s regulations did not expressly permit secondary listings of Saudi issuers abroad. The Instructions provide, for the first time, a mechanism for companies listed on Tadawul to obtain secondary listings outside of the Kingdom. Read the full brief here.