​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 23/07/1436H corresponding to 12/05/2015 regarding the lawsuit filed by the Capital Market Authority against Mosaed bin Mohammad bin Eid Al Otaibi. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant for violating Article (31) of the of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations for practicing a securities business without obtaining a license, as he gave through a website recommendations for trading stocks of listed companies on the Saudi Stock Exchange in return for money transfers made to his bank accounts. The decision of the Appeal Committee also changed the fine imposed on the defendant for those violations from 200,000 (Two Hundred Thousand Riyals) to 40,000 (Forty Thousand Riyals).

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.