CMA Proposes Tighter Investment-Fund Disclosure Rules

Oct 19, 2026•2 min read

The Capital Market Authority has opened a 30-calendar-day public consultation on proposed amendments to the disclosure rules governing investment funds and real-estate investment funds. The consultation period closes on 17 November 2026, corresponding to 7 Jumada al-Thani 1448.

Under the draft, continuing disclosure and announcement obligations would be consolidated into a single regulatory section. Funds would be required to disclose conflicts of interest, specified events, fund terms and conditions, and expanded information in their annual and periodic reports.

The proposals add detail to how funds report to investors. Reports would explain dividend distributions, including their sources and whether they came from investment income or realized capital gains. Periodic reports would identify a fund's 10 largest investments, including each asset type, counterparty, and the investment's percentage of net assets. Real-estate funds would disclose revenue from each property, its share of net asset value, sector allocation, and lease-duration information.

Annual reports for public funds would include benchmark comparisons, performance analysis, factors affecting performance, future-performance expectations, and risk assessments. The draft also designates the Saudi Exchange website as the mandatory primary channel for fund disclosures, while allowing additional publication channels.

For residents and investors, the changes aim to give clearer, more comparable information before putting money into a fund. The proposals are not yet final; the authority will review public feedback before issuing the final amendments.

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