Article 17 of the Saudi Capital Market Law

المادة 17 من نظام السوق المالية

The article treats all non-public information obtained by the Capital Market Authority as confidential, and allows the Authority to disclose part of it to the extent the board considers necessary to protect investors.

Official text (Arabic)

This article has not been amended since the law was issued.

تعد أي معلومات غير معلنة تحصل عليها الهيئة سرية، وللهيئة الإفصاح عن أي جزء من هذه المعلومات حسب ما يراه المجلس ضروريًّا لحماية المستثمرين.

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 17 explained in plain English

This article deals with information that reaches the Capital Market Authority while it carries out its functions, such as information provided by companies or other bodies.

The rule: confidentiality

Any non-public information obtained by the Authority is considered confidential. The test is that the information has not been made public; information that is already public falls outside this rule.

The exception: disclosure to protect investors

The Authority may disclose any part of this information, but only as the board considers necessary to protect investors. The decision rests with the Authority's board, and the purpose stated in the text is the protection of investors.

Relationship with Article 18

Article 18 requires government bodies and other persons to provide the Authority with the documents and information it requests for the purposes of carrying out its duties. Article 17 reassures those who provide this information that whatever has not been made public is treated as confidential and is disclosed only within the stated limits.

The article does not address the penalty for anyone other than the Authority who divulges this information, nor the detailed procedures for disclosure.

Practical example

A listed company gave the Authority internal, non-public data about a major contract. The data remains confidential with the Authority and is revealed only if the Authority's board considers that disclosing part of it is necessary to protect investors.

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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