Article 37 of the Saudi Real Estate Investment Schemes Law
المادة 37 من نظام المساهمات العقارية · الفصل السابع: أحكام ختامية
The article requires the Authority's board to issue the Implementing Regulations in agreement with the Capital Market Authority within 120 days of the Law's issuance, with effect from the date the Law takes effect.
Official text (Arabic)
This article has not been amended since the law was issued.
يصدر المجلس اللائحة بالاتفاق مع هيئة السوق المالية، وذلك خلال (مائة وعشرين) يوماً من تاريخ صدور النظام، ويعمل بها من تاريخ العمل به.
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 37 explained in plain English
This article deals with the Implementing Regulations of the Law, the regulations to which many articles of the Law refer for the detail of conditions and procedures. The article specifies:
- Who issues them: the Board, which under Article 1 is the board of the Real Estate General Authority.
- In coordination with whom: in agreement with the Capital Market Authority.
- The period: within 120 days of the date the Law was issued.
- When they take effect: from the date the Law takes effect, so the Implementing Regulations and the Law begin to apply together.
Article 38 then provides that the Law takes effect 120 days after the date of its publication in the Official Gazette. Note that the period for issuing the Implementing Regulations is counted from the date the Law was issued, whereas the Law's taking effect is counted from the date of its publication.
The importance of this article for the reader is that the details the Law refers to the Implementing Regulations can only be known by consulting them. The article also reflects the coordination between the Real Estate General Authority and the Capital Market Authority, as in Article 36, which gives the regulation of raising funds for offering a scheme to the Capital Market Authority in agreement with the Authority.
To find out what the Implementing Regulations provide on a particular matter, you can consult a lawyer specializing in real estate cases.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentReal Estate Law lawyers: ask a specialist about your case
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Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Mohammed bin Saleh Al-Qarawi Law and Notary Office, Riyadh
Frequently asked questions about Article 37 of the Saudi Real Estate Investment Schemes Law
Who issues the Implementing Regulations of the Real Estate Investment Schemes Law?
The board of the Real Estate General Authority issues them in agreement with the Capital Market Authority.
What is the period set for issuing the Implementing Regulations?
Within 120 days of the date the Law was issued.
When do the Implementing Regulations take effect?
They take effect from the date the Law takes effect.
More articles on Definitions and Powers of the Real Estate Authority
- Article 1
The article defines the Law's key terms, such as real estate investment scheme, participant, licensee, scheme manager, escrow account and register of participants.
لغرض تطبيق هذا النظام، يقصد بالعبارات والألفاظ الآتية -أينما وردت فيه- المعاني المبينة أمام كل منها، ما لم يقتض السياق غير ذلك: النظام: نظام المساهمات العقارية.
- Article 2
The article states the Law's objectives: regulating real estate investment scheme activity, raising its level of transparency and disclosure, and protecting the rights of all parties to the scheme.
يهدف النظام إلى تنظيم نشاط المساهمات العقارية، وإلى رفع مستوى الشفافية والإفصاح فيه، وإلى حماية حقوق جميع أطراف المساهمة العقارية.
- Article 3
The article makes the General Authority for Real Estate the regulator of real estate investment schemes and lists its powers, from licensing, classification and qualification conditions to fee-basis setting and oversight.
دون إخلال باختصاصات الجهات الحكومية الأخرى، تتولى الهيئة تنظيم نشاط المساهمات العقارية وفقاً لما يحدده النظام واللائحة، ولها على وجه خاص ما يأتي: 1- إصدار الترخ
- Article 36
The article gives the Capital Market Authority, in agreement with the Real Estate General Authority, the regulation of raising funds for the purpose of offering a real estate investment scheme, without prejudice to the Authority's powers.
دون إخلال باختصاصات الهيئة، تنظم هيئة السوق المالية بالاتفاق مع الهيئة ما يتعلق بجمع الأموال لغرض طرح المساهمة العقارية.
- Article 38
The article provides that the Law is published in the Official Gazette and takes effect 120 days after its publication, and that it repeals every provision that conflicts with it.
ينشر النظام في الجريدة الرسمية، ويعمل به بعد (مائة وعشرين) يوماً من تاريخ نشره، ويلغي كل ما يتعارض معه من أحكام.
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.