The Capital Market Authority refers two people to the Public Prosecution

Based on the responsibilities of the Capital Market Authority in protecting citizens and investors from unfair or improper practices, and working to achieve fairness, sufficiency and transparency in securities transactions. And based on Article 17 of the Capital Market Law, the Authority wishes to inform the dealers and investors in the Financial Market that the Authority’s Board Decisions have been issued, which include referring suspects in the violation of Article 49 of the Financial Market Law, and Articles Two and Eight of the Market Conduct Regulations, to the Public Prosecution. Because they engage in manipulative and misleading practices during trading on the shares of several companies listed on the Saudi Stock Exchange (the market), by entering one of them purchase orders without having any intention to execute them, entering sell orders without intending to implement them, and they trade in the shares of a number of companies listed on the market Then, promoting it through the electronic identifier “Reno Hamoura” in the Saudi Stock Exchange Hawamer Forum, with the aim of influencing the share price, then entering sell orders and taking advantage of the share price increase resulting from this promotion. The Public Prosecution filed the case with the Committee for Resolution of Securities Disputes.

With this, the Authority affirms its keenness to implement the financial market system and its implementing regulations, and to protect the market from unlawful practices, noting that the General Secretariat of the Committees for Resolution of Securities Disputes announces to the public on its website the identity of the violators when final decisions are issued by the committees for adjudicating securities disputes in Criminal lawsuits, and the person affected by these violations has the right, after they are proven, to file a lawsuit against the violators to demand compensation before the committee under Article 57 of the Financial Market Law, provided that this is preceded by a complaint to the Authority in this regard.


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