Announcement from the General Secretariat of CRSD Regarding the Issuance of ACRSD Decision No. (1898\L.S\2020) of 1441 H. Convicting Violator of the Capital Market Law and its Implementing Regulations

The General Secretariat of the Committees for the Resolution of Securities Disputes (GS-CRSD) announces the issuance of the ACRSD final decision No. 1898/L.S/2020 of the year 1441 H. on 09/09/1441 H. corresponding to 02/05/2020 G. in the case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA) against Sayf Alislam bin Saud bin Abdulaziz Al Saud.

The ACRSD decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for carrying out securities business, in form of “Arrangement” as an owner and manager of “Alawsat Economic Consultancy Office” by using  “Direct Trading Technologies Limited” and the  “Equiti Group Limited” to carry out "Dealing" as an agent through marketing some financial products (Contracts in Exchange for Differences), for investors in the Kingdom of Saudi Arabia without obtaining a license from CMA.

The ACRSD decision concluded imposing a fine of (SR. 70,000) seventy thousand Saudi Riyals against such violations.

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to this violation is entitled to file a claim with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by him under the agreement or contract as per Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard via this link (click here).