On 18 October 2026, Saudi Arabia’s Capital Market Authority (CMA) opened a 30-day consultation on draft changes to its Investment Funds Regulations, Real Estate Investment Funds Regulations and Glossary. Disclosure duties would sit in one part of each rulebook, the Exchange’s website would become the minimum publication channel and fund reports would carry more detail. Comments close 17 November 2026.
What would change for a listed fund’s investors?
Take a closed-ended fund whose units trade on the Saudi Stock Exchange (Tadawul, “the Exchange” in the rules). It agrees to buy an asset priced at 7% of its net asset value (NAV: the fund’s assets minus its liabilities). Figures are for illustration only.
Today, a purchase counts as a must-disclose “specific event” only from 10% of NAV. At 7%, the manager instead judges whether a prudent investor would treat it as a material development.
Under the draft, any purchase, sale, mortgage or lease at 5% of NAV or more would be disclosed immediately to the CMA and unitholders (the fund’s investors). Investors would find it on the Exchange’s website, the minimum channel for every public fund disclosure. Each quarter’s statement would also list the top 10 investments, with asset type, counterparty (the other party to the investment) and share of NAV. Today it shows only a graph of them.
How are Saudi investment funds regulated today?
The parent law is the Capital Market Law of 1424H. It defines an investment fund as a collective investment scheme run by an investment manager for set fees, and has the CMA set rules on funds’ financial and periodic reporting.
Two CMA Board regulations apply that law, both last amended on 24 November 2025. Under the Investment Funds Regulations, a fund manager must be a capital market institution licensed by the CMA to manage investments. A public fund, offered to investors generally, needs an application to the CMA. A private fund is offered by private placement after written notice to the CMA at least 15 days before the offer.
The Real Estate Investment Funds Regulations do the same for property funds, including REITs (real estate funds whose units trade on the Exchange).
A public fund’s annual report is due within 3 months of period end, interim financial statements within 30 days and the quarter statement within 10 days. Each goes on the manager’s and the Exchange’s websites, or another public website under CMA controls.
Why is the CMA consulting now?
The draft’s stated aim is to review, organise and unify fund disclosure rules, raising transparency and supervisory efficiency and giving investors better information for decisions “based on clear foundations”.
What would the draft change?
The Investment Funds Regulations would gain a new Part 8 on continuing disclosure and announcement duties, with Chapter 1 for public funds and Chapter 2 for private funds. The real estate rules would gain a new Part 5. Most duties would move with light edits and unchanged time limits.
Where public fund disclosures would appear
- Fund manager’s website
- Exchange’s website
- Or another public website under CMA controls
- Exchange’s website, at a minimum
- Other websites still allowed
Event triggers for closed-ended traded funds and REITs
-
Buying, selling, mortgaging or leasing an assetshare of net assets
-
Losses, disputes, related-party dealsunchanged at 10% and 5% of net assets and 1% of gross revenues
-
Net assets up or down 10% or more
Deleted
-
Gross profit up or down 10% or more
Deleted
The timing word would change from “without delay” to “immediately”.
New content in fund reports
| Item | Fund quarter statement | Fund annual report | Real estate fund reports |
|---|---|---|---|
| Sources and nature of cash distributions | Yes | Yes | Annual, REIT quarterly |
| Top 10 investments: asset type, counterparty, % of NAV | Yes | – | – |
| Revenue per property and sector split | – | – | All |
| Remaining lease term per property, weighted average | – | – | All |
| Manager’s analysis against the benchmark, with outlook | – | Yes | Annual |
| Risk assessment report | – | Public funds | Already required |
| Summary of every conflict-of-interest case | – | Yes | Annual |
“All” means the annual report, the semi-annual statement and the REIT quarterly statement. Terms and conditions would gather conflict-of-interest statements (where the manager’s or a board member’s interests could clash with the fund’s) under one heading, with the manager’s acknowledgment that it has disclosed every case. The Glossary would gain one term: the weighted average days left until the fund’s assets fall due.
Who would be affected?
Public fund managers
Including traded funds: new Chapter 1, Exchange channel, fuller reports.
Private fund managers
New Chapter 2; fuller terms and conditions, including the fund’s risk level.
Real estate fund and REIT managers
New Part 5; property-level revenue and lease data.
Holders of 5% of a traded fund
Same notice to the Exchange by the end of the third trading day, moved into the new Parts.
When could it apply, and how can you comment?
The 30-day consultation ends on 7/6/1448H, corresponding to 17 November 2026, as published by the CMA. Comments go through the Public Consultation Platform (Istitlaa) or by email on the CMA’s prescribed form. The start date would be set by the CMA in the final text.
Practical steps, none of them required by the draft: rerun last year’s deals against the 5% line, and check that property systems can produce per-asset revenue and lease terms within 10 days of quarter end.
Legal basis
- Parent law
- Capital Market Law, Royal Decree No. M/30 dated 2/6/1424H, Articles 5 (rule-making and drafts for comment) and 39 (funds)
- Fund rules
- Investment Funds Regulations, Articles 8, 32, 54, 78, 82, 83; Real Estate Investment Funds Regulations, Articles 7, 26, 50
- Draft
- New Part 8, Articles 104 to 138; real estate Part 5, Articles 50 to 63
The CMA also published an English version of the draft.
Key facts
| Authority | Capital Market Authority (CMA), Kingdom of Saudi Arabia |
|---|---|
| Instrument | Draft amendments to the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the CMA Glossary of Defined Terms |
| Issue date | 18 October 2026 (consultation announced) |
| Effective date | To be set by the CMA when the final text is approved |
| Applies to | Investment fund and real estate fund managers; 5% holders of traded funds |
| Status | Consultation Comments close 17 November 2026 (7/6/1448H) |
| Official source | cma.org.sa, Announcements, 18 October 2026 |
| Last verified | 20 October 2026, on cma.org.sa |
Frequently asked questions
Would funds have to publish on the CMA's website?
No. For public funds, the draft makes the Exchange's website the minimum channel. Other websites could still be used as well.
When does the consultation close?
On 7/6/1448H, corresponding to 17 November 2026, as published by the CMA.
Do private funds have to publish on the Exchange's website?
The Exchange-website rule would sit in the public funds chapter. Private fund duties in the new Chapter 2 would run mainly to the CMA and unitholders.
Are the changes in force?
No. This is a consultation draft. The current regulations apply until the CMA approves and issues a final text.
Sources (official)
- CMA announcement, 18 October 2026 (English) https://cma.org.sa/en/MediaCenter/NEWS/Pages/CMA_N_4138.aspx
- CMA announcement (Arabic) https://cma.org.sa/MediaCenter/NEWS/Pages/CMA_N_4138.aspx
- Draft amendments (Arabic) https://cma.org.sa/RulesRegulations/Consulting/Documents/The_Draft_Amendments_to_the_Investment_Funds_ar.pdf
- Draft amendments (English) https://cma.org.sa/RulesRegulations/Consulting/Documents/The_Draft_Amendments_to_the_Investment_Funds_en.pdf
- Capital Market Law https://cma.org.sa/en/RulesRegulations/CMALaw/Documents/CMA_Law.pdf
- Investment Funds Regulations https://cma.org.sa/en/RulesRegulations/Regulations/Documents/Investment_Funds_Regulations_11_2025_EN.pdf
- Real Estate Investment Funds Regulations https://cma.org.sa/en/RulesRegulations/Regulations/Documents/Real_Estate_Investment_Funds_Regulations_11_2025_EN.pdf
- Saudi Arabia
- Capital Market Authority
- Investment Funds Regulations
- Real Estate Investment Funds
- Fund disclosure
- Capital Market Regulations
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