Amending the financial market system.. The Chairman of the Authority holds the rank of minister and his deputy holds the rank of “excellent”
agreed to amend Article 7 of , which stipulates that holds the rank of minister.
While the appointment of the Vice President is at the excellent rank, as part of regulatory updates aimed atand raising the efficiency of the Authority’s institutional framework.
Article Seven of the Financial Market Law
The amendment, for which a draft royal decree was prepared, provides for the addition of a new paragraph to Article Seven of the Financial Market Law issued by Royal Decree No. “M/30” dated 6/2/1424 AH.
It stipulates that “the appointment of the President shall be at the rank of minister, and the appointment of the Vice President shall be at the excellent rank,” with a rearrangement. The paragraphs of the article are consistent with the new addition.
The decision comes within the framework of developing the regulatory frameworks for the financial market system, in a way that strengthens the position of the Capital Market Authority and consolidates the efficiency of governance and institutional management of the financial sector in the Kingdom.
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