In furtherance of the quarterly reporting obligations that the Saudi Capital Market Authority (the “CMA”) issued back in April 2018 to replace the previous requirements governing private placement of securities, the CMA recently indicated on an informal basis that no report is required for a calendar quarter where no securities have been issued pursuant to previously granted equity awards (i.e., no RSU vesting, Option exercise, or ESPP purchase). Also, the CMA has opened its electronic reporting portal, which can be found at To submit quarterly reports through the portal, companies first must complete and submit an application form to the CMA. Notwithstanding the availability of the electronic reporting portal, companies can continue to email quarterly reports to the CMA at .