1. The following activities shall be deemed Financial Activities subject to the regulation, licensing, supervision, and oversight of the Authority, in accordance with its powers relating to the regulation of the capital market sector and this Decree by Law, in respect of Financial Products pursuant to the regulations issued by the Authority, including where such activities are conducted in accordance with the principles and provisions of Islamic Shari’ah: a. Establishment and operation of the Market. b. Establishment and operation of trading platforms. c. Establishment and operation of Central Clearing. d. Central Depository services. e. Brokerage. f. General clearing. g. Activities and services related to the establishment and management of Investment Funds. h. Portfolio management. i. Promotion. j. Introducing to Financial Activities. k. Dealing in Financial Products. l. Activities and services related to securitization transactions. m. Underwriting. n. Financial advisory. o. Custody services. p. Issuance management. q. Credit rating. r. Activities and services related to escrow. s. Depository bank and depository bank agent. t. Listing advisor. u. Bills issuer. v. Financial valuation of entities subject to the supervision and control of the Authority. w. Management of profit-sharing investment accounts, excluding investment deposits with banks and Islamic finance companies. x. Registrar of private joint stock companies. y. Activities and services related to Virtual Assets. z. Activities and services related to investment-based crowdfunding. aa. Any other Financial Activities falling within the competencies of the Authority, in respect of which a resolution is issued by the Board. 2. It shall be prohibited for any Person to engage in any Financial Activity within the State from among the activities specified in clause (1) of this Article without obtaining a license or approval from the Authority. 3. Any Person may engage in one or more of the Financial Activities specified in clause (1) of this Article in accordance with the controls and conditions established by the Authority in this regard. 4. Any Licensed Person may transfer its Financial Activity license to another Person, provided that the conditions and requirements prescribed by the Authority are duly satisfied.
Interpretation and application must be checked against the official text and current version.