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An announcement by the Capital Market Authority regarding the issuance of the 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 decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 20/04/1436H corresponding to 09/02/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Nouh bin Mohammad bin Abdu Hakami. 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 and Articles (5) and (17) of the Securities Business Regulations for conducting a securities business without authorization. He used a number of websites to give advice and recommendations on the stocks of listed companies in the Saudi Stock Exchange in return for money. The committee’s decision included the imposition of a penalty of (SR 200,000) Two 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.