​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 13/01/1437H corresponding to 26/10/2015 regarding the lawsuit filed by the Capital Market Authority against Rami bin Abdullah bin Abdullah AlTwerki and Abdulelah bin Eid bin Mohammad Alsubhi . The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations for  practicing a securities business without obtaining a license. They used their cell phones and a website to give recommendations on shares of companies listed on the Saudi Stock Exchange in return for money transfers made to  their bank accounts. The decision of the committee included the imposition of a fine of 50,000 Fifty Thousand Riyals on each one of them.

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.