CMA Proposes Stronger Disclosure Requirements for Investment Funds and REITs

The CMA has published draft amendments to the Investment Funds and Real Estate Investment Funds Regulations to expand periodic reporting and disclosure, open for comment until 17 November 2026.

What was announced

On 18 October 2026 the Capital Market Authority (CMA) invited public comment on a draft regulatory framework to develop disclosure requirements for investment funds. The draft amends the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the Glossary of Defined Terms. The consultation lasts 30 calendar days and closes on 17 November 2026. Comments can be submitted through the Istitlaa public consultation platform or by email using the CMA's comment form.

Key details

The draft groups continuing disclosure and announcement obligations into one section of the regulations and develops rules on conflicts of interest, specific events, fund terms and conditions, and the content of periodic reports. Proposed additions to annual and periodic reports include:

• Details of dividends paid to unitholders, with clarity on the source and nature of cash distributions, such as investment income versus gains from selling assets.
• The fund's top ten investments, showing asset type, counterparty and share of net asset value.
• For real estate funds, the revenue of each property as a share of net asset value and the sector split of the portfolio.

Annual reports would also carry an analytical performance statement comparing results with the benchmark, explaining the factors behind performance and setting out expectations, together with a risk assessment report for public funds. The exchange's website would become the mandatory primary channel for fund disclosures, while publication elsewhere would remain allowed.

Why it matters for businesses

Fund managers and operators would face heavier reporting, data and review work, particularly for real estate funds that must break down income by property. For investors, including corporate treasuries that place surplus cash in public funds, the changes would make it easier to see where returns come from and how a fund is positioned. The CMA says the goals are greater transparency, more efficient supervision and better-informed investment decisions.

What to watch next

• The final amendments and any implementation period after the consultation.
• How the requirements interact with recent CMA approvals of new public funds.
• Any related guidance on the risk assessment report for public funds.

What businesses may want to do

Capital market institutions managing funds may wish to read the draft amendments on the CMA website, submit comments before 17 November 2026 and begin mapping the new data points to their reporting systems. Investors in Saudi funds may want to note the additional information that may become available. This is a summary of the CMA announcement, not legal or investment advice.

Sources

• Capital Market Authority: Public consultation on the draft regulatory framework to develop disclosure requirements for investment funds

How Sokrab can help

• Financial Management Advisory