Saudi Arabia: New Unified Regulator for Insurance Sector to be Established

Saudi Gazette, 28 September 2022: Saudi Arabia’s Finance Minister has announced a new unified regulator for the insurance sector in the Kingdom will be established.

It will be established soon and will help develop the sector. They announced this at the 6th Saudi Insurance Symposium.

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Saudi Arabia: Regulatory Framework for Equity Crowdfunding Approved

Saudi Arabia’s Capital Market Authority has approved a regulatory framework for equity crowdfunding.

They have issued an appropriate Decision to this effect.

Under the Decision, the Capital Market Institutions Regulations, Investment Accounts Instructions, Rules on the Offer of Securities and Continuing Obligations and the Glossary of Defined Terms Used in The Regulations and Rules of the Capital Market Authority have been amended.

They will allow Capital Market Institutions who are authorised to arrange activities to offer securities via Equity Crowdfunding platforms and hold their clients’ money in the course of securities crowdfunding.

They also specify the requirements for custody of clients’ money received by capital market institutions which are authorised to carry out arranging activities in the course of carrying out securities crowdfunding and opening and operating investment accounts.

They aim to support financial technology innovations in the capital market by setting out a regulatory framework for equity crowdfunding, including determining the requisite authorisation for capital market institutions to carry it out and enabling companies which have a Financial Technology Experimental Permit (FinTech ExPermit) to obtain the appropriate authorisation to practice as a capital market institution, in line with the relevant international best practices.

The amendments will come into force on their published date.

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Saudi Arabia: Saudisation to be Implemented in Fun Cities

Saudi Gazette, 25 September 2022: Saudi Arabia’s Human Resources and Social Development Ministry has announced it will implement Saudisation in fun cities.

The programme is also being implemented in amusement parks.

The programme started to be implemented on 24 September.

Under the Decision, the new programme covers 70% of jobs in independent and seasonal fun cities and family entertainment centres.

It covers 100% of jobs in entertainment cities within closed commercial complexes or malls.

The Ministry has published the appropriate procedural guide on its website.

The guide states the Decision does not conflict with the Saudisation rates previously specified for various professions, which apply to the firm’s total employees in line with the Nitaqat Saudisation program.

It also states the Saudisation percentage will be calculated after subtracting workers who belong to the professions exempted.

Those who do not comply will be penalised—also reported in Okaz on 25 September 2022.

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Saudi Arabia: Non-Terrestrial Network Regulations Issued

Al Madina, 20 September 2022: Saudi Arabia’s Communications and Information Technology Commission has issued three regulatory documents for non-terrestrial networks (NTN).

The documents are regulations for the provision of non-terrestrial networks or NTN services, regulations for the provision of telecommunication services over non-terrestrial networks or NTN and regulations for the registration of telecommunications space stations.

They are aimed at enabling non-terrestrial networks and creating a regulatory environment which boosts investment and facilitate the adoption of the latest wireless technologies.

For the full story, click here.

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Saudi Arabia: Financial Firms Ordered to Maintain High Customer Satisfaction Levels

Arab News, 7 September 2022: Saudi Arabia’s Central Bank has ordered financial firms in the Kingdom to maintain high customer satisfaction levels. They have issued a Circular to this effect. It applies to all banks, finance, insurance and payments companies operating in the Kingdom.

Customer satisfaction levels must not fall below 80%. Complaints that have already been escalated and closed for the customer’s benefit after processing should not exceed 5%.

The Circular will come into force in the first quarter of 2023.

The Bank added they would review the performance of financial institutions in line with the relevant indicators every quarter and take legal action against violators.

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Saudi Arabia: Procedures for Implementing Regulations for Dealing With Non-Disclosure of Information for Tax Purposes Issued

Almadina, 27 August 2022: The Zakat, Tax and Customs Authority has issued procedures for implementing the provisions of the regulations for dealing with non-disclosure of information for tax purposes.

A fine of 500 riyals will be imposed for each day of delay after the end of the period specified for submitting a tax report, provided that the amount of the fine does not exceed 15,000 riyals, according to the common reporting standard before 31 May of the year following the calendar year to which the tax report relates.

The provisions of these procedures will apply to all persons subject to the regulation for the treatment of non-disclosure of information for tax purposes by the provisions of agreements to which Saudi Arabia is a party.

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Saudi Arabia: Holders of the Hayya Qatari World Cup Card can go to Saudi

Gulf Times, 24 August 2022: The Saudi Arabian Ministry of Foreign Affairs has announced that holders of Qatar’s Hayya World Cup card will be able to enter Saudi 10 days before the start of the competition.

Further details of how the process will work in practice will be announced later. However, it has been confirmed that holders of the Hayya card will obtain a multiple entry visa valid for 60 days. It will not be necessary for them to enter Qatar before going to Saudi Arabia, but the visitors must have good medical insurance before entering Saudi Arabia.

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Saudi Arabia: Requirements for Electric Vehicle Charging Stations Announced

Almadina, 22 August 2022: Saudi Arabia’s Ministry of Municipal and Rural Affairs and Housing has announced the technical requirements for electric vehicle charging stations.

The aim is to regulate the spatial and technical requirements of the sites.

Charging stations must be where people leave their cars for long periods, such as the parking lots of theatres, hotels and commercial complexes.

They can also be in train stations, parking lots of residential buildings and transportation stations.

There is a requirement to apply the technical standards and conditions issued by the Electricity and Cogeneration Regulatory Authority, in particular, the requirements of the Saudi Distribution Code, the regulatory framework for charging electric vehicles and the provisions of the Saudi Building Code.

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Saudi Arabia: New Regulations for Undergraduate and Postgraduate Studies Issued

Saudi Gazette, 4 August 2022: Saudi Arabia’s Council of Universities Affairs has issued two new regulations for undergraduate and postgraduate study and examinations.

The regulatory changes will be implemented from 2022 to the 2023 academic year.

They will regulate procedures and have been issued to keep up with developments in undergraduate and postgraduate studies.

They aim to increase the operational efficiency of Saudi Arabian universities and improve the quality of education output in line with labour market demands.

This will boost the recruitment of talented and innovative students and foster distinction and competition between universities.

Universities will have broad powers regarding academic procedures based on governance and a flexible institutional framework.

Under the new regulation for study and examinations, universities can change the semester, level or year schedule at the undergraduate level. They outline a different assessment system will be imposed. The system is compatible with the regulations followed by world-leading universities.

In terms of the regulatory changes affecting undergraduate studies, universities can promote a flexible education system for students, allowing them to earn degrees other than a bachelor’s degree.

For example, those who did not meet the requirements for a bachelor’s degree can be awarded a diploma in the specialism they are pursuing.

The same flexibility will be given to postgraduate students.

Universities will allow students to earn a lower academic degree than the programme they enrolled in.

Joint programmes for postgraduate studies will be able to be established between universities in or outside the Kingdom.

Students enrolled at a non-Saudi university will have the opportunity to enrol in courses at a Saudi university. They may earn a degree or certificate approved by two educational institutions with a joint programme. Students can enrol in two programmes simultaneously or from a previous stage. In addition, students can calculate equivalent courses within their cumulative average.

Various entities helped draft the regulations. They included the Education and Training Evaluation Commission, multiple universities and specialists and Government agency officials who are members of the Council of Universities Affairs.

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