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An announcement by the Capital Market Authority regarding the issuance of the final 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

CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 27-4-1433H/20-3-2012 regarding the lawsuit filed by the Capital Market Authority (CMA) against Bandar bin Mohammad bin Nasser Alwshegry. 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 as well as and Articles (5) and (17) of the Securities Business Regulations. He carried on securities business without an approved authorisation by CMA. The decision included the imposition of a penalty of (10,000) Ten Thousand Saudi Riyals.

 

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.