Saudi- ACRSC upholds conviction of Capital Market Law violator
(MENAFN- Arab News) The Capital Market Authority (CMA) has announced the issuance of a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated Feb. 2 regarding the lawsuit filed by the CMA against Fawaz bin Sanad bin Suweyed Alodayani Alotaibi.
According to the CMA announcement the ruling of ACRSC has 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 Article 5 of the Securities Business Regulations for conducting a securities business without authorization.
'He (the defendant) used his cell phone to give advice and recommendations on the stocks of listed companies in the Saudi stock exchange (Tadawul) in return for money deposited in his bank accounts' the announcement added.
The committee's decision included the imposition of a penalty of SR60000 for this violation.
By that CMA stated it insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.
According to the CMA announcement the ruling of ACRSC has 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 Article 5 of the Securities Business Regulations for conducting a securities business without authorization.
'He (the defendant) used his cell phone to give advice and recommendations on the stocks of listed companies in the Saudi stock exchange (Tadawul) in return for money deposited in his bank accounts' the announcement added.
The committee's decision included the imposition of a penalty of SR60000 for this violation.
By that CMA stated it insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.
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