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

Wednesday, February 04, 2015 at 12:00 AM

2015-02-04 (1436/04/15) 15:44:20 CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 29/03/1436H corresponding to 20/01/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Abdullah bin Hussein bin Saeed Al Hasan Alkahtani for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations for conducting a securities business without authorization. He signed contracts with a number of investors to invest, by selling and buying, their money in the Saudi Stock Exchange through his investment portfolios in return for a percentage of the profits made. The committee’s decision included the imposition of a penalty of (SR 70,000) Seventy Thousand Saudi Riyals 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.