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An Announcement by the Capital Market Authority regarding the issuance of an enforceable criminal decision by The Committee for the Resolution of Securities Disputes (CRSD) to convict a violator of the Capital Market Law and its Implementing Regulations

CMA announces the issuance of a decision by the CRSD on 9/7/1433H corresponding to 30/5/2012 which became executed on 17/10/1433H corresponding to 4/9/2012 regarding the case raised by CMA against Turki bin Saeed bin Awadh Alkahtani . The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations because he carried on securities business without an approved authorisation by CMA. The following fines and sanctions shall be applied:

1. Oblige him to pay all the revenue, as a result of these violations, to the CMA account. The total amount is (SR 150,500) One Hundred and Fifty Thousand and Five hundred Saudi Riyals.
2. Impose a fine on him amounting to (SR 200,000) Two Hundred Thousand Saudi Riyals.
3. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.


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.