The Capital Market Authority (“CMA") wishes to announce to the public participants and investors in the Saudi capital market that through the continuous observation and follow-up procedures carried out by the CMA, the CMA's Board has issued two decisions stating the Referral of (25) suspects for violation of Article (49) of the Capital Market Law (“CML") and Article (2) of the Market Conduct Regulations to the Public Prosecution for carrying out practices that involve manipulative and deceptive acts on the shares of one of the investment funds and 84 listed companies, of which one company listed on the Parallel Market “Nomu".

The first decision included the referral of (23) suspects for carrying out practices that involve manipulative and deceptive acts through the entry of purchase orders that aim to influence the share price and unit price (some of them are related to sell orders) during trading on shares of 72 listed companies on the Saudi Stock Exchange and one of the investment funds.

The second referral to the Public Prosecution of two suspects for carrying out practices that involve manipulative and deceptive acts through the entry of purchase orders that aim to influence the share price and unit price (some of them are related to sell orders) and the entry of purchase orders that aim to effect a high closing auction price during trading on shares and units of 26 companies, comprising one company listed on the Parallel Market “Nomu" and one of the investment funds on the Saudi Stock Exchange.

The CMA assures its devotion to apply the Capital Market Law and its Implementing Regulations, and protect the market from illegal practices. The CMA stresses that it will not hesitate, in pursuit of prosecuting manipulators in the capital market, to supervise their dealings, based on its powers under the Capital Market Law.

It is worth noting that the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) will announce to the public the identities of convicted violators on its website upon the issuance of final decisions by the Committees for Resolution of Securities Disputes. Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators before the Committee for the Resolution of Securities Disputes, provided that these claims are preceded by a complaint filed to the CMA (via this link).

(To view the dates of trading and the securities in relation to the violation - First Decision, click here)

(To view the dates of trading and the securities in relation to the violation - Second Decision, click here)​