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APPROVAL OF THE PROCEDURES OF DEALING WITH CENTER ACCOUNTS WHEN A CUSTODY MEMBER CEASES OR INTENDS TO CEASE ITS ACTIVITIES

The Saudi Stock Exchange (Tadawul) announces that the Capital Market Authority’s Board has issued its resolution number (1-105-2019) Dated 2/2/1441H corresponding to 01/10/2019G approvingThe Procedures of Dealing with Center Accounts When a Custody Member Ceases or Intend to Cease its Activities.

The Procedures introduces provisions related to the mechanism to deal with the Center accounts and the securities deposited therein when the custody member ceases or intends to cease its activities and terminate its connection with the depository and settlement system at the Securities Depository Center (Edaa), which includes the following situations:
• Custody Member Defaulting.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Members Merger and Acquisition.
• Custody Membership Cancellation by the Center or By Instructions from the Authority.
• Custody Membership Suspension by the Center or By Instructions from the Authority.
It should be noted that these Procedures shall be effective on 7/10/2019G

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