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An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes Convicting a violator of the Capital Market Law and its Implementing Regulations

​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 08/09/1438H corresponding to 03/06/2017G on the lawsuit filed by the Capital Market Authority against Musaed bin Mohammed bin Eid Alotaibi. The decision convicted the defendant for violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations for conducting a securities business without obtaining a license. He gave advice and recommendations on the stocks of listed companies in the Saudi Stock Exchange and announced that through text messages (SMS) sent by his cell phone in return for money deposited in his bank accounts. The decision imposed a fine on him in the amount of (40,000) Forty Thousand Riyals.

 

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations and instructions.