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Saudi Arabia: Reports on the Observance of Standards and Codes

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  • International Monetary Fund

Abstract

Saudi Arabia’s Report on Standards and Codes has been examined. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA approach to supervision is both risk-based and compliance-focused, and the cost of compliance needs to be a more central focus when establishing mandatory obligations. The CMA has general and broad powers for inspection and investigation, and it conducts full electronic surveillance of the market. The CMA has the authority to investigate potential violations and to bring enforcement action seeking civil and criminal penalties.

Suggested Citation

  • International Monetary Fund, 2012. "Saudi Arabia: Reports on the Observance of Standards and Codes," IMF Staff Country Reports 2012/093, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2012/093
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    Cited by:

    1. Nurunnabi, Mohammad, 2018. "Perceived costs and benefits of IFRS adoption in Saudi Arabia: An exploratory study," Research in Accounting Regulation, Elsevier, vol. 30(2), pages 166-175.

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