Saudi Arabia: Reports on the Observance of Standards and Codes

IMF Staff Country Reports, April 18, 2012

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Saudi Arabia: Reports on the Observance of Standards and Codes

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Bibliographic details

• Published: April 18, 2012
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475503050.002

Executive summary

• 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.
• 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.

Institutional features and supervisory approach

• CMA supervision is:
  • risk-based
  • compliance-focused
• CMA powers and tools:
  • general and broad powers for inspection and investigation
  • full electronic surveillance of the market
  • authority to investigate potential violations
  • authority to bring enforcement action seeking civil and criminal penalties
• Implementation progress:
  • issuance of implementing regulations

Policy observations and recommendations

• Emphasize the cost of compliance more centrally when establishing mandatory obligations.
• Maintain and strengthen risk-based and compliance-focused supervisory practices.
• Leverage full electronic surveillance capabilities to support inspection, investigation, and enforcement functions.

Subject coverage and keywords (as listed)

• Subjects: 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

Content in this bundle

• Saudi Arabia: Reports on the Observance of Standards and Codes; IMF Country Report 12/93; June 2011
  • Saudi Arabia: Reports on the Observance of Standards and Codes; IMF Country Report 12/93; June 2011 (Markdown version)
  • Saudi Arabia: Reports on the Observance of Standards and Codes; IMF Country Report 12/93; June 2011 (PDF)