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. (2277/L.S/2021) of 1442 H., dated 14/11/1442 H., corresponding to 24/06/2021 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Elqmma Marketing Co. based outside the Kingdom.
The decision concluded with the conviction of the abovementioned company for violating Article (31) of the Capital Market Law, as well as Article (5) and Article (17) of the Securities Business Regulations, by carrying out securities business represented in “Advising" in the Saudi Stock Exchange through providing investment recommendations in return for various financial fees and advertising for “Advising and Managing" through the following websites: with the name “Elqmma" through the link (https://www.elqmma.com) and the link (https://www.elqmma.net) without obtaining a license from the CMA.
The decision included the imposition of a number of sanctions (in absentia), according to the following:
- Imposing a fine upon the Company amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
- Imposing a fine upon the Company amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.
Furthermore, any person who has entered into an agreement or contract with the convicted company in relation to these violations 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 the company 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).
