CME-1 and Nomu: a Saudi CMA route to investing in the parallel market

Does CME-1 let you invest in Nomu?

Yes, as one route among several. The Saudi CMA's Glossary of Defined Terms, last amended by Resolution 1-26-2026 of 2 March 2026, defines a "Qualified Investor in the Parallel Market". Its limb 8 covers individuals allowed to open an investment account in the Kingdom and an account at the Depositary Center who meet any one of five criteria. Criterion (d) is: "Holds the General Securities Qualification Certificate which is recognised by the Authority" (CMA Glossary, March 2026). The CMA's English Glossary is a translation; the Arabic text is the official one.

The Glossary never says "CME-1". The link comes from the Financial Academy (FA), whose CME-1A and 1B pages say the CME 1 certificate qualifies its holder to invest in the parallel market, Nomu (FA CME-1A page; FA CME-1B page). CME-1 is the general qualification in the CMA's Capital Market Examinations: the CMA sets the requirement, the FA runs the exams, and CISI (the Chartered Institute for Securities and Investment) provides the A paper and works with the FA on the B paper (CMA CME page; FA FAQ).

The Glossary says the definition applies in Part 8 of the Rules on the Offer of Securities and Continuing Obligations, Articles 48 and 49 of the Investment Funds Regulations and Article 46 of the Real Estate Investment Funds Regulations. Those fund articles limit parallel-market offers of exchange-traded funds, closed-ended traded funds and REITs to qualified investors in the parallel market (Investment Funds Regulations; Real Estate Investment Funds Regulations). A CMA approval of a Nomu offer on 30 June 2026, for example, confines the offer to "Qualified Investors stipulated in the Glossary of Defined Terms" (CMA announcement, 30 June 2026).

You need both papers

The FA's pages say passing both CME-1A and CME-1B is a basic requirement for the CME 1 certificate (FA CME-1B page). Format, fees and chapters for each paper are on the CME-1 page, and booking steps on the booking page.

Not published: No official text says whether CME-1A on its own counts, either under criterion (d) or as an internationally accredited certificate under criterion (e), or whether the pre-2023 CME-1 meets criterion (d). Because the certificate needs both papers, one paper alone is unlikely to meet criterion (d). If your case depends on it, ask the CMA.

The other routes into Nomu

These are the Glossary's routes for individuals; meeting any one is enough (CMA Glossary, March 2026).

What changed in November 2025

On 26 November 2025 the CMA widened Nomu's investor base, with immediate effect (CMA announcement, 26 November 2025):

• "Qualified investor in the Parallel Market" became a term of its own for the categories allowed to invest in that market.
• The trading test became SAR 20 million over the past 12 months, replacing at least ten trades a quarter totalling SAR 40 million.
• Current and former board and committee members of Nomu-listed companies became eligible.
• Holders of a bachelor's degree in finance, investment or accounting became eligible.
• Holders of a master's degree, or of professional certifications such as the SOCPA fellowship, remain eligible.

Not published: The degree routes don't appear among the limb 8 criteria in the English Glossary, and no CMA page checked says how they are applied.

Qualified Client and Professional Investor status

The certificate also appears in two other definitions, where it counts only with income. A Qualified Client (limb A(5)) holds the certificate and has had an annual income of at least SAR 600,000 in the last two years. Professional Investors (limb 5) meet the same test over the two most recent years (CMA Glossary, March 2026).

The certificate's names

The credential goes by several names, so searches mix them:

Official pages disagree: The CMA's Glossary says "General Securities Qualification Certificate" and never "CME-1"; the FA calls it the CME 1 certificate; the FA's pages for the old exam say "General Certificate for Dealing in Securities". This guide follows the FA, whose pages tie the Glossary's criterion to CME-1. Whether the old certificate also counts is not published.