ع

Published on the same date

No announcements

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 15-3-1434H corresponding to 27-1-2013 regarding the case raised by CMA against Nassir bin Saeed bin Gharam Alqudaibi . The decision was to convict the accused of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations. He practiced securities business without being authorized by CMA by signing investment contracts to invest their money in the Saudi Stock Exchange. The following fines and sanctions shall be applied:
  1. Imposition of a penalty of (SR 100,000) One Hundred Thousand Saudi Riyals.
  2. 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.