​CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 19/04/1436H corresponding to 08/02/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Ahmad Zoubi (The first defendant) and Sultan bin Saad bin Abdullah Altamimi (The second defendant). The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendants 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. They used a website to give advice and recommendations on the stocks of listed companies in the Saudi Stock Exchange in return for money in addition to announcing to manage investment portfolios in return for a percentage of the profits. The committee’s decision included the imposition of a penalty of (SR 200,000) Two Hundred Thousand Saudi Riyals on the first defendant and a penalty of (SR 50,000) Fifty Thousand Saudi Riyals on the second defendant 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.