Saudi Arabia’s Vision 2030 along with the National Transformation Program are the main drivers of the Kingdom’s recent legal reforms which are largely aimed at attracting foreign investment to encourage diversification of the private sector and to realise the ambitious plans to create a thriving and diverse economy.
Whilst legal flexibility has increased in some areas such as Professional Company requirements, it has been restricted in others such as the expatriate workforce rules and this review provides insights into the multitude of legal changes in the commercial and investment spaces.
A look into 2020 suggests that we may expect the Capital Markets Authority (CMA) to issue a revision of the Counterparty Regulations (CCP) and Securities Clearing activities in order to align more with the Principles for Financial Market Infrastructures (PFMI).
In this note, we look at the rapid changes taking place as the KSA takes steps to grow and diversify its economy.
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