Article 10(b): Opening and Operating the Investment Account by Power of Attorney
As published by the Capital Market Authority and read from the source by the regulation watch; reproduced verbatim, with attribution and a link to the source.
b. One client, other than the persons referred to in paragraph (a) above, after obtaining an acknowledgment in accordance with paragraph (d) of this article.
3) The power of attorney must be issued by the client or the guardian if the client is under the age of (18) Hijri calendar years, and any power of attorney issued by the attorney-in-fact on behalf of the client shall not be accepted. ماع - Public
4) Subparagraph (a-2) of this Article does not apply to powers of attorney issued for the purpose of obtaining the investment account’s information, liquidating it, closing it, or transferring its balance to a bank account.
b) The capital market institution must verify the validity of the power of attorney and that it explicitly states the powers given to the attorney-in-fact, whether it is opening an investment account, operating it, performing transfers, purchasing or selling securities, or closing the investment account, and the capital market institution must comply with the provisions of the power of attorney.
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History
Each time the regulation watch read the source and found these words changed, the earlier text was kept. Removed words are struck through, added words underlined.
No amendment has been seen since the platform first read these words on 2026-09-14.
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Source
The text is the Authority's, reproduced with attribution. The link opens the published document.
- Published at
- CMA — Investment Accounts Instructions (English)
- Last read
- first read
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