Become a Member
“Edaa’s” Member Services offering incorporates state-of-the-art real-time technology coupled with forward-looking innovative services.
To become an “Edaa’s” Member, the applicant must undertake the following steps to fully complete the membership process:
- Development & Testing.
- Final Preparation.
- Soft Launch and Go Live.
Step One: Licensing
To become a Custody Member, the applicant has to be licensed by the Capital Market Authority to carry out securities custody services
For further details, please refer to the Authorized Persons Regulations outlined by the CMA click here.
To become a Settlement Member, the applicant has to be a participating member in Saudi Arabian Riyal Interbank Express (SARIE).
For further details, please refer to the Saudi Arabian Monetary Authority (SAMA) Regulations click here.
Step Two: Preparation
In this initial phase, the member is expected to provide the following documentation:
- Submit the completed “Custody” or “Settlement” Membership Application
- Electronic copy of the Commercial Registration issued by Ministry of Commerce and Investment.
- Copy of the license issued by the CMA (only required for a Custody Member)
- Establishment legal documents, evidence of opening bank account, and capital depository certificate.
- Board of Directors details
- Guarantee Letter
“Edaa” will appoint a Relationship Officer who will assist and work with the member throughout the entire enrolment process.
Step Three: Development & Testing
Development and testing addresses a members connectivity between the Custody or Settlement Member proprietary systems and/or any other applications or interfaces that require connection to the “Edaa’s” technical environment. “Edaa” will provide the required training to the Custody or Settlement Member on the Depository System (DSS) allowing the member to test operational scenarios and ensure their readiness for final certification. “Edaa” provides a fully functional test environment that enables a new member to prepare and test all their applications and connections.
Step Four: Final Preparation
Following the completion of both the business and technical requirements, “Edaa” will undertake the following:
- Security Audit: the member is required to conduct a third party security audit. This audit can commence during the preparation phase.
- Site Visit: following the successful completion of the Clearing and Settlement System certification. “Edaa” representatives will visit the member to conduct a physical check of the member’s site.
- Sign-off Document: following the completion of all the certification related activities; the member must confirm their readiness to launch their business by signing the “Sign-Off” document. The purpose of the “Sign-Off” document is to receive formal confirmation from the member to go live.
Step Five: Soft Launch and Go Live
Following the completion of all “Edaa’s” membership requirements, soft launch and Go Live can be implemented.