An announcement by the Capital Market Authority regarding the issuance of the decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) to convict a violator of the Capital Market Law and its implementing regulations

Sunday, February 15, 2015 at 12:00 AM

2015-02-15 (1436/04/26) 15:37:07 CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 15/04/1436H corresponding to 04/02/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Abdullah bin Nasser bin Abdullah Al waleed Alshehri (The first defendant) and Mu’di bin Ali bin Abdulrahman Alwleedi Alshehri (The second defendant). The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendants of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations for conducting a securities business without authorization. The first defendant received money from a number of people and the second defendant managed and invested the money in the Saudi Stock Exchange through his investment portfolio. The committee’s decision included the imposition of a penalty of (SR 100,000) One Hundred Thousand Saudi Riyals on each one of them for this violation. By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.