CMA approves implementing rules of New Companies Law for Listed Joint Stock Companies – Saudi Gazette

CMA approves implementing rules of New Companies Law for Listed Joint Stock Companies – Saudi Gazette

RIYADH — The Capital Market Authority's Board approved the Implementing Regulations of the New Companies Law for Listed Joint Stock Companies to be effective as of 26/06/1444H corresponding to 19/01/2023.

The approval of the Implementing Regulations comes in the implementation of the New Companies Law and based on the authority the law granted to the CMA to regulate the matters and subjects stipulated in the Law related to joint stock companies listed on the exchange.

This comes as part of the CMA's objectives to regulate and develop the capital market and contribute to achieving the CMA's strategic objectives by enhancing confidence and raising the level of governance in the capital market.

It also aims to stipulate the necessary rules to implement the provisions of the Law and contribute to realizing its goals.

The CMA Board's resolution included amending six implementing regulations, which are: the Implementing Regulation of the Companies Law for Listed Joint Stock Companies and the Corporate Governance Regulations, the Merger and Acquisition Regulations.

It also included the Rules on the Offer of Securities and Continuing Obligations; the Procedures and Instructions related to Listed Companies with Accumulated Losses Reaching 20% or More of their Share Capital; and the Glossary of Defined Terms Used in