Sunday's  council proceedings were held under the chairmanship of Shourah Council Chairman Abdullah Al-Asheikh.

In a statement, the council’s secretary-general, Dr. Mohammed Al-Ghamdi, said the observation was made on Sunday at the council when the CMA’s Annual Report came up for discussion.

The Council's Finance Committee chairman, Dr. Abdullah Al-Qadir, also presented the findings of his committee on the CMA annual report.

The house noted the CMA’s outstanding achievements and the services it offers to listed companies according to global standards. It also recorded its effective role in reviewing, verifying and conducting the prompt investigation of complaints lodged by the public, and the work it has done in resolving disputes that may arise among market participants.

The Shoura members also emphasized that investment companies which operate in the Kingdom should invest at least 10 percent of their volume investments in the Tadawul.

Reviewing the Annual Report of the General Audit Bureau, the house said that there should be an overall control over the expenditure of various government departments and satisfactory performance in their income, expenditure, movable and immovable assets, and development of human resources.

The CMA was established by the Capital Market Law following a Royal Decree in 1424H.

The CMA is a government organization with financial, legal and administrative independence. It reports directly to the prime minister.

The CMA functions are to regulate and develop the Saudi Arabian Capital Market and to this effect it issues necessary rules and regulations for the implementation of the provisions of Capital Market Law to create an appropriate investment environment.