Al Riyadh, 18 February 2024: The board of Saudi Arabia’s Capital Market Authority has approved amendments to the Financial Security Offerings Rules.
They have also approved instructions for offering real estate shareholding certificates and the list of terms used in the regulations and rules of the Authority.
They will come into force on their published date.
They have been adopted in line with the Authority’s remit. They define the real estate contributions system, specifically in terms of organising the shareholder register for real estate contributions and organising the issuing of the real estate contribution certificate that proves the shareholder owns a share in the real estate contribution.
They have also been issued to regulate the registration and offering of real estate contribution certificates, including specifying the requirements that must be met before offering, marketing, advertising, or raising funds for these certificates as well as the requirements for private placement and public offering of these certificates and regulating the obligations of the financial market institution through which the offering will take place.
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