Saudi Arabia

The Capital Market Law (CML) constitutes the fundamental legislative basis for regulating the Saudi Arabian public capital markets and securities trading and was promulgated on July 31, 2003, through Royal Decree Number (M/30). The legislation established the Capital Market Authority (CMA), the only independent authority responsible for market oversight, market protection, and regulation of the Saudi Stock Exchange (Tadawul). Through a groundbreaking amendment to the CML on February 1, 2026, the regulatory framework fully updated market access by abolishing the QFI system and permitting all classes of foreign non-resident institutional and individual investors to invest directly in the Main and Parallel Markets.