​CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 15/04/1436H corresponding to 04/02/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Ziad bin Faisal bin Saud Alhajlah Almutairi (The first defendant) and Faisal bin Saud bin Mirji Ahajlah Almutairi (The second defendant). The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendants 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. The first defendant used his cell phone and Twitter account to give advice and recommendations on the stocks of listed companies in the Saudi Stock Exchange in return for money deposited in the bank accounts of the two defendants. The committee’s decision included the imposition of a penalty of (SR 20,000) Twenty Thousand Saudi Riyals on the first defendant and a penalty of (SR 10,000) Ten Thousand Saudi Riyals on the second defendant 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.