The Saudi Capital Market Authority issued a decision to refer a suspected violation of Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations, and 17 suspects of violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations, to the Public Prosecution Office. the public.
The authority indicated that one of the suspects managed two investment portfolios belonging to investors in the Saudi financial market without obtaining a license from the authority, and used them jointly with other suspects in practices involving manipulation and misleading, by entering purchase orders with the aim of influencing the share price of a number of listed companies. in the Saudi financial market.
She said: “The General Secretariat of the Committees for Resolution of Securities Disputes will announce to the public on its website the identity of the violators when violations are proven and final decisions are issued by the Committees for Resolution of Securities Disputes against them. The person harmed by these violations, after being proven, has the right to file a lawsuit against the violators, to claim compensation before the Committee under Article 57 of the Capital Market Law, and whoever has agreed or contracted with an unauthorized person has the right to file a claim under Paragraph (b) of Article 60. From the system, individually or collectively, to the Committee for the Resolution of Securities Disputes to request the termination of the agreement or contract and the recovery of any funds or other property that he had paid or transferred under the agreement or contract, provided that filing a lawsuit precedes filing a complaint with the Authority in this regard.
Okaz (Riyadh) @okaz_online
