Update to Muqassa Membership Terms and Conditions

The Securities Clearing Center Company (Muqassa) announces that Membership Terms and Conditions have been updated and will take effect on 30-05-2021 in correspondences 18-10-1442H.

The key changes includes the following items:

First: Amend the Securities Clearing Center Company (Muqassa) Membership Application to be limited to membership application for General Clearing Member and Direct Clearing Member only instead of being a unified form to apply for all clearing center memberships.

Second: Create a membership Application for Non-Clearing Members with the Securities Clearing Center Company.

Third: Add an obligation on the General Clearing Member to pay all fees and claims of its non-clearing member to the Clearing Center.

Fourth: Members can now select the specific market that they would like to clear.

All the changes mentioned above are compatible and aligned with the rules and procedures of the Securities Clearing Center Company.The update terms and conditions will apply to both existing and prospective members.

The updated membership applications are enclosed below and can also be found in the (Forms) page in the website.