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  • The Saudi Capital Market Authority Announces The Adoption Of The Instructions For The Foreign Strategic Investors' Ownership In Listed Companies

    Date 26/06/2019

    In continuance to the Capital Market Authority’s (CMA) role to regulate and develop the capital market, and in its efforts to enhance the market’s efficiency and attractiveness and to expand the institutional investments base, and in line with its strategic plan (Financial Leadership Program) and  the objectives of (the Financial Sector Development Program) one of the Saudi 2030 vision programs, and based on the Capital Market Law issued under the Royal Decree Number (M/30) Dated 2/6/1424H, the CMA Board has issued its decision to adopt the Instructions for the Foreign Strategic Investors' Ownership in Listed Companies "instructions", to be effective as of the date of their publication, after the Draft Instructions were made available for public consultation on the Authority’s website for a period of (30) calendar days. The aforementioned Board Decision further included amending subparagraph (a\2) of Article (14) of the Rules for Qualified Foreign Financial Institutions Investment in Listed Securities and paragraph (2) of Part (3) of the Guidance Note for the investment of Non-Resident Foreigners in the Parallel Market by adding the following statement: "except the foreign strategic investors pursuant to the Instructions for the Foreign Strategic Investors' Ownership in Listed Companies" to be read as follows: "The maximum proportion of the shares of any issuer whose shares are listed or convertible debt instrument of the issuer that may be owned by all foreign investors (in all categories, whether residents or non-residents, except the foreign strategic investors pursuant to the Instructions for the Foreign Strategic Investors' Ownership in Listed Companies) in aggregate is 49%.    

  • UK Financial Conduct Authority Confirms Recognition Of The FX Global And UK Money Markets Codes

    Date 26/06/2019

    Following consultation feedback, the Financial Conduct Authority (FCA) is today confirming that it is recognising the following voluntary market codes of best practice under its codes recognition scheme:

    • FX Global Code(link is external) – maintained and updated by the Global Foreign Exchange Committee, this Code sets global principles of good practice standards in the foreign exchange (FX) market, promoting the integrity and effective functioning of the wholesale FX market.
    • UK Money Markets Code(link is external) (MM) – maintained and updated by the Money Markets Committee, this sets standards and best practice expected from participants in the deposit, repo and securities lending markets in the United Kingdom.

  • The Ministry Of Finance: Signing An Agreement With Global Telecom To Resolve Its Taxes Troubles As Well As Its Egyptian Subsidiaries That Valued USD 136 Million

    Date 26/06/2019

    Ministry of Finance announced signing an agreement with Global Telecom Company to settle the tax dispute between the company and its Egyptian subsidiaries and the Egyptian Tax Authority.  Upon this agreement, Global Telecom will pay its tax dues to the tax treasury, which amount to $136 million until 31 December 2018. 

  • EuropeanIssuers Unveils Its Vision: Competitiveness Is The Core For A Sustainable Europe

    Date 26/06/2019

    Today, EuropeanIssuers, representing publicly quoted companies across Europe, presented its vision for the next Commission term. Its Chairman, Mr Luc Vansteenkiste declares: “The vision is the result of an in-depth exercise which presents a number of objectives and recommendations for the institutions to strengthen the competitiveness of our industry. We can achieve this through a simplification of the regulatory environment in which companies operate, and a more proportionate approach. Our  goal is to support the Commission’s agenda with these recommendations. “

  • G20 Leaders Must Embrace Cryptocurrency Regulation - Failure To Do So Would Be Negligent - Nigel Green, Chief Executive And Founder, deVere Group

    Date 26/06/2019

    G20 leaders must take decisive steps towards a multilateral cryptocurrency regulatory framework – failure to do so would be negligent.

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