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The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes’ (ACRSD) final decision No. (2101/L.S/2020) of 1442 H., dated 15/05/1442 H., corresponding to 30/12/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Abdulrahman bin Marzouq bin Rashid Alsuhaimi and Ahmad bin Sa’ad bin Shoail bin Abdullah Al’asmari.

The decision concluded with the conviction of the abovementioned individuals for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for participating in a securities business represented in “Managing” by providing investments portfolios management services in spot, forward, and futures CFDs currencies, as well as commodities, digital currencies and shares, without obtaining a license from the CMA.

The decision included imposing a sanction upon them according to the following:

First defendant: Abdulrahman bin Marzoq bin Rashid Alsuhaimi:

Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.

Second defendant: Ahmad bin Sa’ad bin Shoail bin Abdullah Al’asmari:

Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted persons 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 the following  link (File Complaint Link).