المادة 7(c): Instructions for Opening Investment Accounts for Legal Persons

c) Opening Investment Accounts for Funds Owned by a Governmental Entity

1) A capital market institution may open an investment account for a fund of a governmental entity, provided that the fund is fully owned by a Saudi governmental entity or a governmental entity of a GCC member state.

2) The capital market institution, when opening an investment account for the fund referred to in paragraph (1) above, must obtain and verify information of the following documents: -The fund's bylaws. -The issued resolution assigning the authorised signatories to open and operate the investment account of the fund and their valid identity documents. -The fund's articles of association (if any) and its annexes, which clearly show the structure of the fund's capital and its management. -Documents that show the names of members of the Board of Directors.