CMA approves rules for updated ICM, asset management services

The Capital Market Authority (CMA), the Kingdom's market regulator approved on Thursday the amended market regulations, designed for applying the updated independent custody model (ICM) and the new option for asset managers to aggregate orders, starting tomorrow, Jan. 21.

The new regulations include amendments to the securities depository center rules, trading procedures, orders aggregation accounts and the terms used in the exchange rules, the Saudi Stock Exchange (Tadawul) said in a statement.

The exchange and center procedures were also adjusted.
 

Meanwhile, the CMA's board of directors also amended Article 17 of the Market Conduct Regulations, which bans an authorized person from aggregating client orders on tradable securities with those of other clients or with the authorized person's own orders.

"These amendments aim to allow the aggregation of orders in accordance with any regulations, rules or procedures the Authority or the Exchange issues," the market regulator said in a statement.

It also amended the term "order" in the defined terms used under the CMA's market regulations.

Earlier in January, the Saudi bourse announced a series of enhancements to improve market access, efficiency and liquidity, including the implementation of a Market Making (MM) Program, Argaam reported.