CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 10/08/1435H corresponding to 08/06/2014 regarding the lawsuit filed by the Capital Market Authority (CMA) against Abdullah Bin Sabr Bin Fantool Alenazi (the defendant). 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 Article (5) and Article (17) of the Securities Business Regulations. He (the defendant) practiced securities business without being authorized by CMA and gave recommendations on the shares of listed companies in the Saudi Stock Exchange through an electronic forum that sends SMS messages to the subscribers in return for different cash subscriptions. The committee’s decision included the imposition of a penalty of (SR 100,000) One Hundred 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.