Saudi Arabia’s Capital Market Authority (CMA), the Kingdom’s market regulator, has licensed a Special Purpose Vehicle (SPV) to issue asset-backed debt instruments, in line with Special Purposes Entity bylaws, the regulator said in a statement.

 

The license is the first of its kind in the Kingdom, the statement added.

 

In December 2017, the CMA’s board issued a resolution approving rules for Special Purposes Entities and the Special Purposes Entity bylaws. These rules entered into force starting from April 1, 2018.

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