The Saudi Arabia Capital Markets Authority (CMA) opened a public consultation on a draft Regulatory Framework for Debt Instruments Offering Platforms and Investing in Them, proposing to enable capital market institutions to offer debt instruments through securities crowdfunding. The consultation runs for 30 calendar days and closes on 25/10/1446H (23 April 2025). The draft would set out regulatory and licensing requirements for operating debt-instrument offering and investing platforms, including enabling offers of debt instruments in the Sukuk and Debt Market if approved. It would require capital market institutions conducting this activity to hold an Arranging licence, and would treat such crowdfunding offers as an exempt offering case under the Rules on the Offer of Securities and Continuing Obligations. The proposals also include requirements for registrable functions and for safeguarding client funds for capital market institutions licensed to conduct Arranging activities in the course of securities crowdfunding, and would allow firms holding a FinTech Experimental Permit to obtain an appropriate licence to operate as a capital market institution. Feedback received during the consultation will be considered in finalising the proposed amendments for approval.

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