Ministry of Commerce and Capital Markets Authority Develop Cooperation Mechanisms on Beneficial Ownership Data

The Capital Markets Authority signed Appendix No. (1) to the Memorandum of Understanding (MoU) on “Beneficial Ownership Data” with the Ministry of Commerce and Industry, clarifying that this step extends and develops the cooperative frameworks established by the MoU in light of recent developments relevant to the work areas of both entities.

The Authority stated in a press release that the amendment was made within the framework of continuous cooperation and coordination, and as a continuation of the MoU on coordinating cooperation between the two entities, signed on February 18, 2024.

It noted that the MoU signed in 2024 was part of both entities’ efforts to enhance integration and coordination in operational mechanisms and facilitate the exchange of necessary data and information between them, thereby supporting the efficiency and clarity of procedures in areas of mutual interest.

It added that Appendix No. (1) aims to strengthen cooperation between the Ministry and the Authority in the field of beneficial ownership data by establishing a clearer framework for exchanging available related information, contributing to supporting the accuracy, completeness, and updating of beneficial ownership information, while affirming that each entity exercises its role within its prescribed competencies and in accordance with prevailing legislation and decisions.

The Authority emphasized that the signing of the appendix reflects both entities’ commitment to continuing the development of cooperation, coordination, and information exchange frameworks, enhancing the integration of their respective competencies, and leveraging the available information held by each party. This contributes to improving institutional work efficiency and supporting the effectiveness of the transparency system related to beneficial ownership information, in line with relevant standards and practices.