Organizational Structure

To download CMA Organization Structure


 

Listed Companies & Investment Products Deputy

The Listed Companies & Investment Products Deputy contributes to achieving the CMA’s Policy Objectives of (a) fair investor outcomes, (b) market integrity, and (c) financial stability by controlling the offering of securities and Collective Investment Schemes (among other products) and providing ongoing supervision

  • Assisting in creating an enabling the regulatory environment for the development of the securities markets
  • Assisting in the formulation, development and implementation of effective regulatory framework for the Collective Investment Schemes and vehicles industry in KSA
  • Assisting in the development of Regulations relating to the offering of securities
  • Managing all applications for securities offerings made by all companies
  • Managing applications submitted by companies regarding M&A activity
  • Managing all applications made regarding the introduction of new Collective Investment Schemes to the Saudi
  • Market in line with Investment Funds Regulations
  • Supervising all company disclosures and announcements ensuring their compliance with applicable Regulations
  • Overseeing all Collective Investment Scheme activity, ensuring compliance with applicable Regulations
  • Reporting to the Board on the Deputy's activities and achievements and the implementation status of Board decisions
  • Advising upon request in the area of Islamic finance frameworks or products
  • Advising the Board in preparation of Board decisions related to the Deputy's mandate
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function

The deputy contains 6 departments:

  • Offering & Merger & Acquisition
  • Financial Statements
  • Corporate Governance
  • Investment Products Issuance
  • Investment Products Compliance
  • Investment Products Development


 

Corporate Resources Deputy

​The Corporate Resources Deputy contributes to achieving the CMA’s Policy Objectives by ensuring that the necessary Human Resources, Financial Resources, Information Technology and other infrastructure are  available at a sufficiently high standard, allowing the organisation to operate effectively and efficiently.

 

  • Ensuring that human capital and talent is carefully selected, trained and enabled to a sufficiently high standard
  • Managing all CMA internal finances, including financial reporting,  and accounting, and ensuring compliance with Accounting standards and KSA Regulations
  • Maintaining CMA premises to ensure facilities and services are at a high standard of quality, allowing all CMA functions to operate effectively
  • Handling all procurement, sourcing and contract related activities, ensuring successful delivery by vendors and service providers against contractual obligations and SLAs
  • Undertaking all necessary logistical requirements, protocols and procedures to receive CMA guests as well as support external visits by CMA staff
  • Managing activities related to archiving, storing, and printing documents across all CMA functions
  • Ensuring adequacy of CMA’s internal governance mechanisms as well as the efficiency of internal processes across all CMA functions
  • Providing the suitable Information Technology support required to successfully meet all end-user business requirements, ensuring matters of cybersecurity, applications, infrastructure and data are in line with CMA standards
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Contributing to the Deputy’s reporting on its activities and achievements and the implementation status of Board decisions
  • Contributing to advising the Board in preparation of Board decisions related to the Deputy’s mandate

The deputy contains of a division and 7 departments:

  • Information Technology Division
  • Human Resources
  • Finance
  • Premises & Services Management
  • Procurement & Contracts
  • Protocol
  • Documents & Archiving
  • Operational Excellence

 

 


Market Institutions Deputy

The Market Institutions Deputy contributes to the mandate of the CMA by regulating the Market Institutions (Authorized Persons, Credit Rating Agencies, Saudi Stock Exchange “Tadawul”, and any other Market Institutions mandated by BOC) entrance to the market to those institutions that are considered fit and proper and supervised  on an on-going basis.   The Deputy also conducts surveillance on the market trading activity. All of that is done by:

 

  • Assisting the further development of the regulatory standards related to Market Institutions and trading in the market
  • Processing of all license and registration applications for Market Institutions
  • Ensuring application/applicant compliance with the CML and its implementing Regulations
  • Setting an inspection plan and time-table, prioritizing deployment of available resources in risk-based manner
  • Undertaking comprehensive supervision of Market Institutions to ensure their compliance with the CML and its implementing Regulations
  • Handling and escalating cases of sustained non-compliance to Enforcement Department for action
  • Monitoring and analysing  market trading activity
  • Leveraging market analytics to identify potential misconduct activity (e.g. insider trading, market manipulation, etc.) and escalating such cases to the Enforcement Department for appropriate action
  • Fostering and supporting tools of communication among Market Institutions.
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Contributing to the Deputy’s reporting on its activities and achievements and the implementation status of Board decisions
  • Contributing to advising the Board in preparation of Board decisions related to the Deputy’s mandate
  • Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function

The deputy contains 5 departments:

  • Authorization
  • Inspection
  • AML & CFT
  • Market Institutions Compliance
  • Market Surveillance & Analysis

 


 

Strategy & International Affairs Deputy

​The Strategy & International Affairs Deputy contributes to achieving the CMA’s Policy Objectives by managing the institution’s planning, strategy and direction setting processes and the associated project management capabilities; coordinating regulatory policy development; conducting research; and supporting the CMA’s engagement with international organisations and peer regulators in other markets

  • Coordinating development, improvement and drafting of regulatory policies designed to achieve the authority’s objectives while ensuring core supervisory functions’ input into the process.
  • Leading the development of CMA’s strategic plans including its’ risk mitigation strategies, while coordinating with core supervisory functions ensuring they provide the principal content of the plan.
  • Translating high-level CMA strategic plans into actionable, measurable tasks, initiatives and metrics, ensuring the organisation can deliver against its’ strategic objectives.
  • Assessing Deputy , Division, Department and Unit level performance against predefined performance management metrics.
  • Ensuring proper oversight, governance and control of internal projects across CMA, ensuring timely, within-budget delivery – identifying bottlenecks, issues, challenges and key risks and reporting them and providing advice on possible solutions.
  • Undertaking the relevant research to provide wider CMA internal functions and external stakeholders with analytics and insights to increase awareness and enable effective decision-making.
  • Coordinating with international organisations and regulators aiming to contribute to the global capital market regulatory community.
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed.
  • Contributing to the Deputy’s reporting on its activities and achievements and the implementation status of Board decisions.
  • Contributing to advising the Board in preparation of Board decisions related to the Deputy’s mandate.

The deputy contains 5 departments:

  • Regulatory Policy Development
  • Strategy
  • PMO
  • Research
  • International Relations & Organizations

 


Legal Affairs & Enforcement Deputy

Legal Affairs & Enforcement contributes to achieving the CMA’s Policy Objectives of (a) fair investor outcomes, (b) market integrity, (c) financial stability, and (d) market development by drafting the rules and regulations that render capital markets fair, efficient and transparent, investigating potential violations and misconduct activities and enforcing penalties and orders against determined violators.

  • Drafting, amending and upgrading CMA’s Implementing Regulations and other legislative materials related to CMA’s mandate as instructed by CMA Board.
  • Providing internal legal advice and services that enable the CMA to achieve its strategic goals and Policy Objectives.
  • Drafting and overseeing all administrative legal documents that are to be utilized by the CMA (incl. drafting of contracts, agreements, MoU’s, etc.).
  • Following a risk-based approach ensuring that high-impact violations against the Capital Market Law (CML) and its implementing regulations are investigated thoroughly
  • Handling all litigation proceedings brought against the CMA and protecting the CMA from all types of legal risks
  • Administering and leading all legal proceedings brought by the CMA against violators
  • Enforcing and following up on the execution of CMA and court issued decisions and penalties
  • Handling and mediating complaints issued by different sources, ensuring they are resolved in a timely and orderly manner
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Contributing to the Deputy’s reporting on its activities and achievements and the implementation status of Board decisions
  • Contributing to advising the Board in preparation of Board decisions related to the Deputy’s mandate
  • Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function

The deputy contains 6 departments:

  • Laws & Regulations
  • Legal Advice
  • Investigation
  • Litigation
  • Enforcement
  • Investor Complaints & Mediation

 


Communication & Awareness Division

Communication & Awareness contributes to achieving the CMA’s Policy Objectives of (a) fair investor outcomes by ensuring investors and market participants are well informed and that their  inquiries are answered in a timely manner.

  • Preparing and disseminating periodic external CMA communications, in the form of press releases, media reports or general information releases as well as ad hoc CMA communications in response to specific market events
  • Leading all external corporate communications and interactions with Governmental institutions and other external stakeholders, with a strong focus on maintaining internal and external transparency
  • Managing internal communications including intranet posts, newsletters, e-mails, seminars, etc.
  • Arranging conferences, informational sessions, workshops and meetings with stakeholders and market participants with the aim of increasing awareness and financial literacy, in order to promote fair and transparent market activity
  • Undertaking the CMA’s image and brand management, ensuring positive sentiment towards the CMA is maintained with all internal and external stakeholders as well as the wider public
  • Developing and maintaining the CMA website and other outward facing sources of information, ensuring they contains all relevant regulatory and legal information
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Contributing to the Division’s reporting  on its activities and achievements and the implementation status of Board decisions
  • Contributing to advising the Board in preparation of Board decisions related to the Division’s mandate
  • Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function

The division contains two departments:

  • Corporate Communications
  • Awareness

 


 

Internal Audit Division

The Internal Audit Division contributes to achieving the CMA’s Policy Objectives by ensuring the implementation of appropriate internal controls and that all CMA activities are in line with Royal Decrees, KSA Regulation, and CMA standards.

  • Developing, documenting  and planning all audit processes to ensure effective internal controls and compliance with the relevant internal codes and policies in line with internal and external stakeholder expectations
  • Ensure there is a proper internal financial control system.
  • Verify the accuracy of the financial data.
  • Ensuring the suitability of accounting policy adopted to prepare the financial statements.
  • Drafting comprehensive audit reports containing audit findings, observations and recommendations to address  findings and areas of non compliance
  • Coordinating with internal functions providing them with independent advice on how to optimize and improve their controls, etc.
  • Escalating significant findings  to senior management, escalating directly to the Board in the event that the issue imposes significant risk and has not been resolved in a timely and appropriate manner
  • Periodically reviewing and updating the Code of Conduct to ensure continued relevance in providing guidance to CMA staff
  • Designing and implementing a comprehensive compliance program for the CMA, including promoting a transparent, fair and orderly compliance culture throughout the organisation
  • Contributing to the Division’s reporting on its activities and achievements and the implementation status of Board decisions
  • Contributing to identifying and managing risks to policy objectives (arising from external or internal factors), and escalating as needed
  • Contributing to advising the Board in preparation of Board decisions related to the Division’s mandate

The division contains two departments:

  • Audit
  • Internal Compliance

 


Risk Management Division

The Risk Management Division contributes to achieving the CMA’s Policy Objectives by providing ongoing internal risk management for the CMA as well as external market risk management and mitigation.

  • Defining and maintaining appropriate risk frameworks, methodologies and tools to facilitate effective operational (internal) and market (external) risk management by the CMA
  • Assessing CMA’s core functions’ compliance with risk management controls, procedures, guidelines and recommended best practices
  • Overseeing risk identification and assessment by the First line of Defence functions and providing an independent review regarding the effectiveness of their controls
  • Developing and maintaining a comprehensive registrar of potential risk events
  • Enabling senior management decision-making through providing objective advice on existing risks and ensuring the CMA has effective mitigation strategies and roadmaps in place for such risks
  • Promoting a culture of risk awareness and mindfulness across the organisation
  • Aggregating relevant information from Divisions, Departments and Units as well as external sources to provide actionable data-driven insights to senior management regarding flagged risks
  • Contributing to advising the Board in preparation of Board decisions related to the Division’s mandate
  • Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function

The division contains two departments:

  • Internal Risk
  • Market Risk