SAUDI ARABIA: The Saudi Capital Market Authority (CMA) has approved amendments to the Capital Market Institutions Regulations regarding robo-advisory services in the Kingdom. The amendments include service providers being required to notify the regulator in advance of strategies adopted in structuring and managing investment portfolios, prior to making them available to clients.
The CMA now also requires capital market institutions to establish supervisory systems ensuring the integrity and efficiency of the algorithms and technologies at least 10 days prior to offering the service to clients.
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