​CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 08/04/1436H corresponding to 28/01/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Abdulaziz bin Sattam bin Khalaf Alonizi. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant 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. He gave recommendations and advise on buying and selling the stocks of listed companies in the Saudi Stock Exchange through a website in return for money deposited in his bank account. He also announced that he manages investment portfolios in the Saudi Stock Exchange 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 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.