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An announcement by the Capital Market Authority regarding the issuance of the final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) to convict a violator of the Capital Market Law and its implementing regulations

CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 30-8-1432H/31-7-2011 regarding the lawsuit filed by the Capital Market Authority (CMA) against Ibrahim bin Hussein bin Ahmad Al Naji . The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD)  convicting the defendant of violating Articles (31) and (60/A) of the Capital Market Law as well as Article (5) of the Securities Business Regulations by practicing securities business without being authorized by CMA. The decision included imposing a penalty of (100,000) One 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.