المادة 12: Closing the Investment Account

Article 12: Closing the Investment Account

a) If a client requests to close his investment account, he must submit a request to the capital market institution, and the capital market institution must document such request.

b) Without prejudice to paragraphs (c) and (d) of this Article, the capital market institution must accept the client's request to close his investment account and notify him of such, unless the investment account is attached, or the client has financial obligations owing to the capital market institution.

c) The capital market institutions must permit their Saudi and GCC clients to close their frozen investment accounts without updating their information, provided that the investment account is not subject to attachment, there are no restrictions or balance on the account, any securities in the investment portfolios linked to it, or any claims in relation to it.

d) Unless the Authority instructs otherwise, the capital market institution must not permit the foreign resident in the Kingdom to close his investment accounts if his residence permits (Iqama) or resident ماع - Public identity is expired, until such client provides a renewed residence permit (Iqama) or resident identity or a final exit visa.

e) If five years elapse from the date of freezing the investment account without the client providing the required updated information, and the investment account is not subject to attachment, has no securities linked to it and is not under any restrictions or claims, the capital market institution may transfer the available balance on the investment account to a bank account under the client's name, close the investment portfolios linked to the investment account and the client account opened by the capital market institution (unless it is linked to more than one investment account), and then close the investment account.

f) If a year elapses without any balance on the investment account of the client and without any securities in any investment portfolio linked to it, and if such account is not subject to attachment or under any restrictions or claims, the capital market institution may close the investment account after

(30) days from notifying the client of such. ماع - Public Part 4 Regulatory and Supervisory Instructions