Saudi Arabia – CMA New Foreign Investors

On 9 January 2018, SA CMA issued final rules that allow foreign investors in securities.

    • Updated rules to operate from 23 January 2018, amend to Art 1(b), from 1 April 2018.

Rule Content

    • The purpose of the rules is to set out the procedures, requirement and condition for
      registration of qualified foreign investors, with authority to invest in listed securities.
    • To specify their obligations, and the obligations of authorized persons in this regard.


E.U. – ESMA Issues Position Management Guide for Commodities

On 9 January, ESMA issued position controls for commodity venues.

  • Published first MIFID position management controls for commodity derivatives.
  • Ensure position management controls applied to commodity derivatives venue.
  • EU States must ensure controls by investment firm or operator of trade venue.
  • Firms, operators must inform NCAs of details of position management controls.
  • NCA inform ESMA, which will publish database, with summaries of the controls.

Control Questions

  • Powers that trade venue has, to monitor the open interest positions of persons.
  • Access to information, documentation, about the size and purpose of a position.
  • Require reduction or termination of position, on temporary or permanent basis.
  • Require person to provide liquidity into market, at an agreed price and volume.
  • How controls apply, and take account of nature and composition of firms/usage.