An announcement from the Capital Market Authority regarding the decision issued by The Committee for the Resolution of Securities Disputes to convict a violator of the Capital Market Law and its implementing regulations
Sunday, June 14, 2015 at 3:50 PM
2015-06-14 (1436/08/27) 15:50:27
The Capital Market Authority announces that the Committee for the Resolution of Securities Disputes has issued its decision dated 02/07/1436H corresponding to 21/04/2015 which was effective on 16/08/1436H corresponding to 03/06/2015 due to the expiration of the specified period to appeal the decision without appealing . The decision was made on the lawsuit filed by the Capital Market Authority against Faisal bin Kholaif bin Ashawe Almaslokhi Alenazi, convicting him for violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations for conducting a securities business without obtaining a license, as he gave through “WhatsApp” application on his cell phone and his “Twitter” account recommendations on shares of companies listed on the Saudi Stock Exchange in return for money deposited to his bank accounts. The decision of the committee included the imposition of a fine of SR 60,000 (Sixty Thousand Riyals).
The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.