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On 6 October 2019, the Saudi Arabian Capital Market Authority (the CMA) published the amended Rules on the Offer of Securities and Continuing Obligations (the ROSCO), which were approved by CMA Board Resolution No. 1-104-2019 dated 01/02/1441H (corresponding to 30 September 2019). In the same Board Resolution, the CMA Board also approved the amended Listing Rules (the Listing Rules) of the Saudi Stock Exchange (Tadawul).
This article sets out a high-level overview of the new legal framework governing the offering of securities in the Kingdom of Saudi Arabia (the Kingdom).