The General Authority for Competition (the “Authority”) recently published its latest annual report regarding its activity in 2021. This report shows that since the introduction of the current Competition Law1 (the “Law”) in Saudi Arabia in September 2019, the Authority has strengthened its resources and taken a number of initiatives to raise awareness about the Law and that it has significantly increased its enforcement against violators. This alert offers an overview of the key initiatives and…
On 27 September 2022 the Capital Market Authority (“CMA”) of Saudi Arabia announced a series of amendments to its implementing regulations designed to (i) facilitate the direct listing of debt instruments (including convertibles) offered by way of private placement; and (ii) introduce a framework for equity fundraising through crowdfunding platforms. The amended Rules on the Offer of Securities and Continuing Obligations (“OSCOs”) now also provide for the public offer of exchangeable debt instruments. These initiatives…
On 31 March 2022, the Ministry of Commerce published for consultation a draft Consumer Protection Law (“Draft Law”) on the Public Consultation Platform, which will close for comments on 15 May 2022. The Draft Law is intended to be administered by a yet to be defined competent governmental authority, presumably a department within the Ministry of Commerce (“Competent Authority”). The scope of the Draft Law is limited to business to consumer (B2C) transactions, as it…
On 16 March 2022 in Cairo, Egypt, members of the Arab Competition Network (the “ACN”) held their first conference to launch this new network. This alert provides a high-level presentation of the ACN, as well as an overview of its mission and goals. Background and Goals of the ACN The ACN is a product of the efforts and collaboration of the Arab League and the Egyptian Competition Authority. The ACN aims to provide a platform…