CMA, SBA launch ‘Initiative of Accreditation Standards for Lawyers Specialized in Securities Cases’

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) and the Saudi Bar Association (SBA) launched the “Initiative of Accreditation Standards for Lawyers Specialized in Securities Cases”, which is aimed at improving the level of professional specialization of local securities and industry-related litigation.

In a statement today, Dec. 20, the market regulator said the initiative also targets raising the efficiency of pleading before the Committees for the Resolution of Securities Disputes (CRSD) in a way that ultimately serves the development of the Saudi capital market and its participants.

It is deemed an extension to a previously-signed memorandum of understanding (MoU) between the CMA and SBA to support the participation of the directory for advocacy and legal advice in securities and relevant activities. It is also poised to enhance knowledge and professional competence of lawyers and legal advisors in the local securities market.

Under the initiative, several standards are required to be met to classify the lawyers specialized in securities cases filed before the CRSD to provide legal advisory services in securities and relevant activities.

This includes having a valid license for practicing the bar, at least five years of experience in the legal advisory business, a SAB-valid membership and a valid register for legal facilities. The provision of the General Securities Qualification Examination (CME-1) or passing the specialized training program to qualify for legal practice in securities will be announced by the SBA in the near future.

Names of securities lawyers and those who met the initiative's accreditation standards were enclosed and posted on the website of SBA's directory for advocacy and legal advice. It will be continuously updated with names of candidate lawyers, providing a channel that streamlines matters for seekers of securities legal services and introduces them to lawyers specialized in such cases.

The CMA and SBA invite candidate lawyers to register through the designated form via the SBA's website.