On 19 January 2023, the new Companies Law entered into force following the conclusion of the 180-day publication period, enacted by Cabinet Resolution No. 678 dated 29/11/1443H (corresponding to 28/06/2022) and ratified by Royal Decree No. M/132 dated 01/12/1443H (corresponding to 30/06/2022) (“New Companies Law”). The New Companies Law represents the first wholesale revision of the law since 2016 and implements a broad range of changes intended to reflect international practices and foster the growth…
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…