Latest news with #CapitalMarketLaw
Middle East
2 days ago
- Business
- Middle East
OPEN// Egypt replaces capital gains tax with stamp tax on stock transactions
CAIRO, June 4 (MENA) – Prime Minister Mostafa Madbouli chaired a meeting to finalize changes to the taxation of listed stock market transactions, confirming the replacement of the capital gains tax with a stamp duty that will apply to both residents and non-residents. The meeting was attended by Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan El Khatib, Financial Regulatory Authority Chairman Mohamed Farid, and Deputy Finance Minister for Tax Policy Sherif El Kilany. During the talks, the attendees discussed proposed tax adjustments for direct investment funds, real estate funds, and gold funds, aiming to attract more investors and expand participation in Egypt's financial markets. They also reviewed changes to the Capital Market Law to simplify fund operations and introduce new models like GP/LP structures, along with legal reforms affecting the Egyptian stock exchanges. Additionally, the officials agreed that the full package of changes, covering tax reforms and capital market updates, will be publicly announced in July. (MENA) H A T/S R E
Saudi Gazette
27-05-2025
- Business
- Saudi Gazette
CMA refers a number of violators to Public Prosecution
Saudi Gazette report RIYADH — The Saudi Capital Market Authority (CMA) has referred a number of suspects to the Public Prosecution for their violation of the Capital Market Law and the Market Conduct Regulations. The CMA board decided to take the punitive action against the suspects for violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations through their involvement in influencing the outcome of the share offering of National Building and Marketing Co. on the Parallel Market. They involved in the crime with the aim of creating a false and misleading impression regarding the security and the company's fulfillment of the liquidity requirements necessary for listing on the Parallel Market. Additionally, it was found their involvement in executing transition and transactions in order to fraudulently meet the eligibility criteria for the transition to the main market. The CMA emphasized to all market participants that unlawful practices involving fraud, deception, misrepresentation and manipulation constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital market Law and its implementing regulations. The CMA underscored its commitment to pursuing those who manipulate the capital market by monitoring their transactions, utilizing its authority under the Capital Market Law, and fulfilling its responsibility to protect citizens and investors from unfair or improper practices. The CMA is dedicated to ensuring justice, efficiency, and transparency in securities transactions.
Observer
21-04-2025
- Business
- Observer
FSA warns Ubar Hotels and Resorts
Muscat: The Financial Services Authority (FSA) has issued an administrative decision warning Ubar Hotels and Resorts (SAOG) for failing to immediately disclose material news related to the board of directors' decision to increase the company's capital in the rights issue. Article 291 of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009 provides that "The issuer shall disclose all its material information and that of its subsidiaries immediately through the electronic transmission system. The issuer shall disclose such material information or events immediately before the trading session for any information or events occurring before it. The issuer shall take due care to maintain the confidentiality of such information until it is disclosed to the public. Material information means that, if disclosed, it is price sensitive and would impact investment decisions of market participants or market trends." FSA said that all regulated companies shall comply with disclosure and transparency standards for their importance in enhancing investors' confidence and market stability and ensuring fair and timely access to material information by all parties to make informed investment decisions, which enhance market integrity and efficiency.
Argaam
16-04-2025
- Business
- Argaam
CMA approves public offering of SEDCO Capital US Equities Feeder Fund
The Capital Market Authority (CMA) approved the request by Saudi Economic and Development Securities Co. for the public offering of SEDCO Capital US Equities Feeder Fund. The market regulator cautioned investors that making investment decisions without thoroughly reading the terms and conditions (T&Cs) or fully understanding their content may pose significant risks. The CMA also urged investors to carefully review the T&Cs, which include detailed information on the fund, its investment strategy, and associated risks. This review will help investors evaluate the investment's feasibility and understand the potential risks, the CMA said. It added that if the T&Cs are unclear, investors should consult the fund manager for clarification. The CMA emphasized that its approval does not constitute a recommendation to subscribe to the offering, but rather confirms the fund's compliance with legal requirements under the Capital Market Law and its Implementing Regulations.
Zawya
18-03-2025
- Business
- Zawya
Oman: FSA cancels the licenses of Sharek Investment and New Sphere for carrying out Crowdfunding Activity
Muscat: The Financial Services Authority has issued two administrative decisions cancelling the licenses of Sharek Investment LLC and New Sphere LLC, which are carrying out activities in the field of securities and crowdfunding platforms. The decisions cancelled the licenses of the companies and will be deregistered from the register of the companies operating in the field of securities. The administrative penalties were made because the companies failed to carry out the activity since their establishment pursuant to Article 123/a of the Executive Regulation of the Capital Market Law issued vide decision No. 1/2009 as part of the review of the licenses granted to a number of companies operating in the field of securities to practice the business of crowdfunding during 2022 , which was the first year of the crowdfunding market in the Sultanate of Oman after the issuance of the regulation for crowdfunding by decision No. 153/2021. It is noteworthy that the number of the companies licensed to carry out crowdfunding activity is seven companies and only five companies actually commenced providing funding facilities to the emerging companies including small and medium enterprises with a total funding at RO 8.7 million. More than 140 companies benefited from such platforms during the period 2022-2024. © Muscat Media Group Provided by SyndiGate Media Inc. (
