CMA announces the referral of a suspicion of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations to the Public Prosecution
Sunday, April 26, 2020 at 2:26 PM
Sun Apr 26, 2020 14:26
Proceeding from the Capital Market Authority’s (CMA) responsibilities to protect the market from unfair and unsound practices involving cheating, fraud and manipulation. In addition, to ensure fairness, efficiency and transparency in securities transactions, and based on Article (17) of the Capital Market Law, the CMA would like to inform the investors and participants in the capital market that a CMA Board resolution was issued to refer a suspicion of a violation to the Public Prosecution. Investors were suspected of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations while trading the shares of listed companies on the Saudi Stock Exchange.
The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts. Whoever is affected by these acts can file a suit for compensation to the committee as per Article 57 of the Capital Market Law. This must be proceeded by a complaint filed to the CMA.
(To view the securities and the dates on which the suspected trading occurred