Article 14: Updating the Investment Accounts Information

Article 14: Updating the Investment Accounts Information

a) The capital market institution shall require his clients to update the information that were provided when opening the investment account as and when there are any changes to the original information provided or upon such information expiry date, or at the end of the relevant time period specified by the capital market institution pursuant to the rules and polices approved by the capital market institution in accordance with the level of risks associated with the client, whichever is earlier, and the capital market institutions must perform a periodic review to study the need to update the information provided by the client at least once every five years investment account, and the capital market institutions must maintain policies and procedures to fulfill this requirement.

b) The capital market institution must inform his clients at least ninety calendar days in advance of the expiry date that the original documents are going to expire shortly.

c) Ninety calendar days prior to the Saudi minor client reaching the age of (15) Hijri Calendar years, the capital market institution must request the guardian to update the information of the client's investment account, and obtain and verify the client's national identification card information.

d) Ninety calendar days prior to the minor client reaching the age of (18) Hijri Calendar years, the capital market institution must notify the guardian of the necessity of updating the information of the client's investment account, obtain and verify the client's national identification card information, and sign a new investment account opening agreement with the client as soon as he becomes (18) Hijri Calendar years' old, provided that it contains all the information mentioned in Article (4) of these Instructions.

e) Upon the final exit of the foreign client residing in the Kingdom or in a GCC member state, the capital market institution must require the client to update the investment account information by obtaining and verifying the client's valid passport information, and what proves the client’ final exit.