Announcement for a Case of Carrying out Securities Business without Authorisation

In line with the Capital Market Authority's (CMA) responsibilities to protect citizens and investors from unfair and unsound practices, and aiming to achieve fairness, efficiency and transparency in securities transactions, the CMA would like to inform citizens and investors that it has detected practices by both Elmar Capital Company and Elmar Financial Company, where they were carrying out securities business in the Kingdom without being an authorised capital market institutions by the CMA or an exempt persons as specified in Annex (1) of the Securities Business Regulations; therefore, the CMA Board resolution has been issued regarding the referral of the two companies to the Public Prosecution.

The CMA is committed to apply the Capital Market Law and its Implementing Regulations, and to protect the market from illegal practices. The CMA calls on all participants and investors in the Saudi capital market to limit their dealings in securities to capital market institutions that have been authorised by the CMA to carry out securities business. It further requests them not to deal with unauthorised persons, be they natural or legal persons, by ensuring that the persons with whom they deal have obtained the Capital Market Authority's authorisation by visiting the CMA's website on WWW.CMA.ORG.SA to view the list of the authorised capital market institutions.

Furthermore, any person who has entered into any agreement or contract with an unauthorised person is entitled to file a claim, individually or collectively, to the Committee for the Resolution of Securities Disputes to rescind the agreement or contract and recover any money or other property paid or transferred pursuant to such agreement or contract, in accordance with paragraph (b) of Article (60) of the Capital Market Law, and provided that such claim is preceded by a complaint to the CMA (via this link).​