An AAP is an entity authorized by the CMA to conduct securities transactions, such as a local broker. B, who agreed with an applicant to assess the applicant`s application, assess his application for registration as a QFI and apply a QFI assessment agreement with the applicant. The AAP should not be independent of the applicant, so an executive could contact its Saudi subsidiary (where it has one). The EndPoint Assessment (EPA) is the final part of an apprenticeship program tailored to the examination of an apprentice`s acquired knowledge, skills and behaviours. It is interesting to note that none of the CMA registration fees are planned for 2015, although the CMA will review them in 2016. The agreement between an AAP and the QFI explains the tariff structure agreed between these two companies. The AAP approves the assessment only if the applicant accepts the conclusion of an FQ evaluation agreement that meets the minimum requirements set by the rules. Before an apprentice is registered with the EPO, the employer and supplier must reach an agreement to ensure that the apprentice is ready to take the exam. This information is only used for guidance purposes and should not be considered a substitute for legal assistance.
Please see the full terms and conditions of our website. Overview of the rules for qualified foreign financial institutions for listed equity investments A QFI may begin trading or investing in listed shares, unless so, provided the QFI manager has given the broker the authority to send orders. The AAP must inform the CMA of its acceptance or rejection within one business day of the decision. The decision will be finally taken by the AAP five working days after the announcement of the decision by the CMA. The rules give the CMA the power to extend the review period or request additional information. Once the final decision is made, the rules state that the CMA will register the applicant as a QFI and immediately notify the AAP. To become a QFI client, several documents must be forwarded to the AAP. The entire process to be registered as a QFI or QFI client is expected to take approximately 11 days from the date the AAP receives the required documentation. The internal regulations require a QFI manager to report annual notification of the information and documents covered by Schedule 3.1 of the rules and obligations to the AAP, in order to promptly notify one of the events to be reported immediately to Schedule 3.1.
It is also required to provide information to the CMA without delay. Financial commentators and participants from around the world will no doubt be watching with great interest how things will be happening on the KSA stock market in the coming months – with a key indicator, fluctuations in Tadawul. Overall, for the approval of a QFI customer, it should be noted that registration is not enough. Before it can start trading, the QFI must: (a) maintain an account with a local bank, which is in the name of the AAP and complies with the rules of the CMA customer currency; b) hold a title account with the custodian opened by the AAP; (c) meet all other conditions imposed by the CMA. The rules do not prevent an authorized person, with AAP, from opening additional money and securities accounts on behalf of the QFI.