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

Monday, February 16, 2015 at 12:00 AM

2015-02-16 (1436/04/27) 15:44:23 CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 20/04/1436H corresponding to 09/02/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Fawaz bin Sanad bin Suweyed Alodayani Alotaibi. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations for conducting a securities business without authorization. He used his cell phone to give advice and recommendations on the stocks of listed companies in the Saudi Stock Exchange in return for money deposited in his bank accounts. The committee’s decision included the imposition of a penalty of (SR 60,000) Sixty 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.