RIYADH: In an attempt to increase investor access to its Parallel Market, the Saudi Arabian stock exchange has put out a package of regulatory modifications that may further encourage listings and boost capital market activity. According to a statement, the Saudi Exchange Co., better known as Tadawul, released proposed changes to its exchange regulations for public review and asked for input until August 19.
The proposed changes focus on what constitutes “qualified investors,” relax the listing criteria for the Nomu, or Parallel Market, and bring current laws into compliance with the new Companies Law.
The action is a component of the exchange’s larger objective to increase private sector involvement in equities markets and diversify funding sources in accordance with the nation’s Vision 2030 economic reform plan.
The market value requirement for publicly owned shares and the estimated aggregate market value requirement as of the listing date for all shares to be listed on the Parallel Market are also being changed by the revisions, according to a statement from Tadawul. In addition, the changes are intended to bring the Capital Market Authority’s Regulations into compliance with the new Companies Law,” it continued.
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