Saudi Arabia to Open up Capital Market to Foreign Investors

Saudi Arabia to Open up Capital Market to Foreign Investors

Dec 26, 2022

Saudi Arabia to open up capital market to foreign investors.

Saudi Arabia plans to further open up its capital market to foreign investors by proposing a host of measures to simplify requirements for qualified foreign investors and adding new channels for overseas retail investors in the country’s bourses.

To further open up its capital market, the Saudi Capital Market Authority announced QFIs will be required to open only an investment account by the Investment Accounts Instructions, instead of the existing mandatory requirements of applications for qualification and assessment agreements.

The draft rules also waive the requirement of stipulated sizes for assets under management for some classes of QFIs.

Saudi Arabia’s Economy Expands by 8.8%

The regulator also proposed adding a new channel for foreign investment in the listed securities on Saudi bourses by allowing all foreign natural and legal persons to invest through discretionary portfolios managed by the capital market institutions.

It also proposed framing new guidelines for investments by non-resident foreign investors in listed securities through swap agreements.

The draft rule proposed removing the requirement on the duration of such swap agreements, as well as removing the requirement to notify the CMA before entering into a swap agreement.

The draft rules were released for public consultation on Wednesday.

The public consultation will be open for 30 days, ending on January 9, 2023.

New Corporate Tax Scheme Announced in the UAE

The latest proposals are expected to have a positive impact on encouraging foreign investment in the Saudi capital market, besides increasing its attractiveness and efficiency and enhancing its regional and international competitiveness.

Source: Arabian Business

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Data Processing Terms of Business for Suppliers

DATA PROCESSING TERMS

In order that you as a service provider and data processor (referred to as “Processor” or “you” or “your”) may provide or continue to provide certain services (the “Services”) to us, the Business and data controller (referred to as “the Business” or “we”, “us” or “our”), you have agreed that these data processing terms (“Terms”) shall apply (notwithstanding any other terms and conditions applicable to the delivery of the Services to the contrary) in order to address the compliance obligations imposed upon the Business and its Clients pursuant to the Data Protection Law. These Terms shall constitute a separate agreement or they may be incorporated by reference in the relevant Services agreement, as the case may be.

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SCHEDULE: Security measures

Processor shall put in place the following measures, as applicable.

Minimum technical measures

Firewalls which are properly configured and using the latest software;
user access control management;
unique passwords of sufficient complexity and regular expiry on all devices;
secure configuration on all devices;
regular software updates, if appropriate, by using patch management software;
timely decommissioning and secure wiping (that renders data unrecoverable) of old software and hardware;
real-time protection anti-virus, anti-malware and anti-spyware software;
https;
encryption of all portable devices ensuring appropriate protection of the key;
encryption of personal data in transit by using suitable encryption solutions;
multi-factor authentication for remote access;
WPA-TKIP secured WiFi access;
delinquent web filtering and other appropriate internet access restrictions;
intrusion detection and prevention systems;
appropriate and proportionate monitoring of personnel; and
data backup and disaster recovery measures and procedures.

Minimal organisational measures

Vet all personnel including staff, contractors, vendors and suppliers (including Subprocessors) on continuous basis;
non-disclosure agreements used with all personnel;
regular training of all personnel on confidentiality, data processing obligations, identification of Security Breaches and risks;
apply principle of least authority, including a restricted or strictly controlled transit of data and material outside of office;
physical security on premises including reception or front desk, security passes, clean desk policy, storage of documents in secure cabinets, secure disposal of materials, CCTV, etc.;
apply appropriate policies including Information Security Policy, Data Protection Policy, BYOD, Acceptable Use Policy; limited and monitored personal use of work resources, as appropriate.