holders in these funds and assets under management have grown over the last ten years at rates of 20 and 14 percent a year respectively. In July 2004, the Capital Market Authority (CMA) was set up as part of the general financial reforms aimed at ensuring sound and solid growth in the capital market. The CMA's functions are to regulate and develop the Saudi Arabian capital market. It issues the rules and regulations for the implementation of the provisions of the Capital Market Law. Following the formation of the board of the Capital Market Authority, the CMA set up regulations on the issuance of securities and, more recently, announced rules governing securities business activities and the licensing of non-bank financial intermediaries. The regulation of intermediaries is "a priority" for the CMA, according to Jammaz Al-Suhaimi, its chairman and CEO. "In order to safeguard and protect the interest of investors, the CMA must ensure that only intermediaries that meet the licensing criteria operate within the market and that only fit and proper persons are employed by these intermediaries," Al-Suhaimi said. --More 1004 Local Time 0704 GMT
