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An Announcement by the Capital Market Authority regarding the issuance of the final 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 final decision by the CRSD on 6/6/1434H corresponding to 16/4/2013 which became executed when the appeal date was overdue on 19/7/1434H corresponding to 29/5/2013 regarding the case raised by CMA against Saeed Bin Ali Bin Mohammed Al Arkaan.  The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulation as he carried on securities business without an approved authorisation by CMA. The accused attracted a group of investors by signing investment contracts to invest, by selling and buying, the investors’ 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.