The Saudi Capital Market Authority Board has issued its resolution to amend Articles 10, 32, 34 and 35 of The Resolution of Securities Disputes Proceedings Regulations based on the Capital Market Law dated 2/6/1424H. The amendments, based on the mentioned Board resolution, are summarized in amending the committee's hearings quorum to consider the filed suits before the committee by three members granting the chairman of the committee the authority to decide otherwise, in which the committee's hearings can be held with more or less than three members. The amendments also included amending the mechanism of issuing the committee's decisions in which a decision is made by at least three members including the committee chairman or whom he delegates from its members. The decision should be made unanimously or by the majority opinion. The decision to amend the Regulations stems from the Capital Market Authority's efforts to develop the legislative environment of the capital market in the Kingdom, and to promote the fairness and transparency principles in securities transactions, in addition to its efforts to expedite the proceedings and the decision making in the disputes before the Committee of the Resolution of Securities Disputes by setting up a mechanism for the committee to consider the filed suits by three members or less as decided by chairman of the committee and also allows its decisions to be made by at least three members without affecting the quality of the decisions. The Regulations aim to regulate the proceedings before the Committee of the Resolution of Securities Disputes and the Appeal Committee to ensure the rights of all market participants. The Regulations include several parts such as: Filing the Suit with the Committee, means of notice and service of process, committee hearings, appearance and absence of suit's parties, evidence seeking expertise and consideration procedures and decisions issuance. The amended Regulations should be effective once it is published.
