Saudi Arabia: Regulatory Waiver

The Regulator

The Capital Market Authority (CMA) regulates and develops the Saudi Arabian Capital Market by issuing required rules and regulations for implementing the provisions of Capital Market Law. The basic objectives are to create an appropriate investment environment, boost confidence, and reinforce transparency and disclosure standards in all listed companies, and moreover to protect the investors and dealers from illegal acts in the market.

Requirements to Practice

Authorized persons undertaking certain functions in the Saudi capital market must pass the General Securities Examination (CME-1). Obtaining the certificate is also one of the criteria to be a Qualified Investor. Learn more about the exams.

The Waiver

The CMA gives an exemption from Part Two of the CME-1 exam for anyone who has passed CFA Program Level I. Individuals must still pass Part One of the CME-1 exam. For more information, visit