Saudi Arabia: Reports on the Observance of Standards and Codes

International Monetary Fund

No 2012/093, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; payment system; payment; bank; Sanya; Saudi Arabian Riyal Inter-Bank Express; CMA regulation; Sama core criteria; asset class; CMA staff; CMA approval; card payments switch; oversight function; Payment systems; Securities; Legal support in revenue administration; Mutual funds; Securities settlement systems; Global (search for similar items in EconPapers)
Pages: 45
Date: 2012-04-18
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