Riyadh, Saudi Arabia – July 28, 2024 – The Saudi Tadawul Group is proposing new regulations requiring specific personnel within companies listed on the parallel market too hold an internationally recognized professional certificate in securities business. This move,announced today,aims to enhance corporate governance and investor protection within the Kingdom’s capital markets.
The proposed amendments, currently in a public consultation phase, mandate certification for members of the Board of Directors and those serving on specialized committees reporting directly to the Board within parallel market-listed companies. The Saudi Exchange (Tadawul) also reserves the right to extend this requirement to other individuals as deemed necessary by the commission.
Currently,the parallel market,known as Nomu,caters to smaller and emerging companies seeking to list with less stringent requirements than the main Tadawul market.This proposed change signals a move towards aligning standards across both markets and bolstering confidence in the Nomu platform. The specific certificates considered “internationally recognized” have not yet been defined, leaving room for industry input during the consultation period.
The Saudi Tadawul Group is soliciting feedback from interested parties and stakeholders until August 19, 2025. All submissions should be directed to pubic.consultation@tadawulgroup.sa.
Tadawul officials have stated that all received opinions and observations will be carefully reviewed and considered in the finalization of the regulatory framework. This public consultation process is a standard practice for the Saudi Exchange when introducing meaningful changes to market regulations.
