Saudi Arabia: Reports on the Observance of Standards and Codes
April 18, 2012
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Saudi Arabia’s Report on Standards and Codes has been examined. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA approach to supervision is both risk-based and compliance-focused, and the cost of compliance needs to be a more central focus when establishing mandatory obligations. The CMA has general and broad powers for inspection and investigation, and it conducts full electronic surveillance of the market. The CMA has the authority to investigate potential violations and to bring enforcement action seeking civil and criminal penalties.
Subject: Banking, Financial institutions, Financial markets, Legal support in revenue administration, Mutual funds, Payment systems, Revenue administration, Securities, Securities settlement systems
Keywords: asset class, bank, card payments switch, CMA approval, CMA regulation, CMA staff, CR, Global, ISCR, Legal support in revenue administration, Mutual funds, oversight function, payment, payment system, Payment systems, Sama core criteria, Sanya, Saudi Arabian Riyal Inter-Bank Express, Securities, Securities settlement systems
Pages:
45
Volume:
2012
DOI:
Issue:
093
Series:
Country Report No. 2012/093
Stock No:
1SAUEA2012002
ISBN:
9781475503050
ISSN:
1934-7685
