Article 16 of the Saudi Capital Market Law
المادة 16 من نظام السوق المالية
The article requires the chair of the Capital Market Authority's board to submit an annual report to the Prime Minister on the Authority's work and financial position within 90 days of the end of the year.
Official text (Arabic)
This article has not been amended since the law was issued.
يرفع رئيس المجلس تقريرًا سنويًّا لرئيس مجلس الوزراء عن أعمال الهيئة ومركزها المالي في السنة المالية السابقة، وذلك خلال تسعين يومًا من انتهاء السنة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 16 explained in plain English
This article sets up a mechanism of periodic accountability for the Capital Market Authority before the body it reports to.
Elements of the obligation:
- Who submits the report? The chair of the Authority's board.
- To whom? The Prime Minister.
- Content of the report: the Authority's work and its financial position in the previous financial year.
- Deadline: within 90 days of the end of the year.
The chair, as defined in Article 1, is the chair of the Capital Market Authority's board, and the board is the Authority's board, so the report goes from the head of the Authority directly to the Prime Minister.
The Authority's financial position includes matters connected with the resources it collects; Article 15 provides that money owed to the Authority by others is public money and is treated like debts owed to the public treasury.
The article does not specify the form of the report or its other details, and it does not provide for publishing it to the public. It is limited to the duty to submit it to the Prime Minister within the stated period.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 16 of the Saudi Capital Market Law
To whom does the Capital Market Authority submit its annual report?
The chair of the Authority's board submits it to the Prime Minister.
What is the deadline for submitting the Authority's annual report?
Within 90 days of the end of the financial year.
What does the Authority's annual report contain?
It covers the Authority's work and its financial position in the previous financial year.
More articles on Capital Market Authority and Its Powers
- Article 4
The article establishes the Capital Market Authority, linked to the Prime Minister and independent financially and administratively, and prohibits it from trading, borrowing, lending or owning securities.
أ - تنشأ في المملكة هيئة تسمى ( هيئة السوق المالية ) ترتبط مباشرة برئيس مجلس الوزراء، وتتمتع بالشخصية الاعتبارية والاستقلال المالي والإداري، وتكون لها جميع الصل
- Article 7
The article regulates the composition of the Capital Market Authority's Board of five members appointed by royal order, their terms, and its powers over internal regulations, delegation and review of delegated decisions.
أ - يكون للهيئة مجلس يسمى ( مجلس هيئة السوق المالية ) يتألف من خمسة أعضاء متفرغين على أن يكونوا أشخاصًا طبيعيين سعوديين ومن ذوي الخبرة والاختصاص. ويتم بأمر ملكي
- Article 8
The article requires Authority employees and Board members to disclose, upon assuming their duties, their securities and their relatives', and any change within three days.
يجب على كل من يصبح موظفًا لدى الهيئة، أو عضوًا في مجلسها، أن يفصح للهيئة فور استلامه مهامه، بالكيفية المحددة في لوائح الهيئة، عن الأوراق المالية التي يملكها أو
- Article 9
The article prohibits Authority Board members and employees from any other profession or work, from holding a post at any entity, and from advising private companies.
يحظر على أعضاء مجلس الهيئة وموظفيها ممارسة أي مهنة أو عمل آخر، بما في ذلك أن يشغلوا منصبًا أو وظيفة في أي شركة، أو في الحكومة، أو المؤسسات العامة أو الخاصة، كما
- Article 10
The article regulates meetings of the Capital Market Authority's Board: a call by the chairman, a quorum of three members including the chairman or vice chairman, majority decisions, and remote voting in emergencies.
أ - يعقد المجلس اجتماعاته بناءً على دعوة من رئيسه، ويشترط حضور ثلاثة من أعضائه على أن يكون من بينهم الرئيس أو نائبه، وتصدر قراراته بأغلبية الأعضاء الحاضرين، وإذ
- Article 11
The article makes the chair of the Capital Market Authority's board its chief executive, responsible for running it, carrying out the board's decisions, signing its documents and handling its administrative and financial affairs.
يكون رئيس المجلس هو الرئيس التنفيذي للهيئة، والمنفذ لسياستها، والمسؤول عن إدارة شؤونها، بما في ذلك ما يأتي : أ - تنفيذ القرارات التي يتخذها المجلس. ب - التوقيع
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.