The creation of the Appeal Committee for the Resolution of Securities Disputes (ACRSD) came as an extension to assuring the right of litigants involved in securities disputes in order to obtain a number of guarantees. Such guarantees may include the right for appeal. Thus, the party who is unconvinced with the decision issued by CRSD (First-degree Court) may appeal such a decision before the ACRSD (Second-degree Court) which consists of members different from the court of first instance, i.e. CRSD. Article Twenty Five, paragraph (g) and (f) provide for the formation of an appeal panel (afterwards named the Appeal Committee for the Resolution of Securities Disputes) to respond to requests of decision appeals issued by CRSD submitted within thirty days from the date of notification of the appealed decision.
ACRSD is formed by a Council of Ministers’ resolution, having three members with a three-year renewable term, representing the Ministry of Finance, the Ministry of Commerce and Industry and the Bureau of Experts at the Council of Ministers.
The first-formed ACRSD carried out its functions on 03/11/1426 H. (05/12/2005 G.), where the Council of Ministers resolution No. (222) dated 22/08/1426 H. (26/09/2005 G.), stipulated the formation of ACRSD membership for the first term. The members then included the following:
Mr. Ahmed bin Mohammed Al-Khowaiter, representing the Ministry of Finance
| chairman
|
Prince Abdulrahman bin Mohammed bin Ayaf Al-Miqren, representing the Bureau of Experts |
member
|
Mr. Falag bin Ali Al-Mansour, representing the Ministry of Commerce and Industry,
| member
|
The membership of most of the previous persons was extended to a second term vide resolution No. (328) dated 05/11/1429 H. (03/11/2008 G.) appointing the following members:
Mr. Ahmed bin Mohammed Al-Khowaiter, representing the Ministry of Finance
| chairman
|
Prince Abdulrahman bin Mohammed bin Ayaf Al-Miqren, representing the Bureau of Experts | member
|
Mr. Abdulaziz bin Rashid bin Kolaib, representing the Ministry of Commerce and Indust |
member
|
The Cabinet approved the restructuring of ACRSD vide resolution No. (61) dated 17/01/1436 H. (10/11/2014 G.) which called for a three-year term appointment to the following members:
Namw
| Title
|
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Mr. Neqa bin Khaled Alotaibi of the Experts Commission of the Cabinet |
Chairman
|
Mr. Bader bin Abdulmohsen ALhaddab of the Ministry of Trade and Industry |
Member |
Mr. Abdullah bin Abdulrahman ALsohaibani of the Ministry of Finance
| Member
|