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. (2287/L.S/2021) of 1442 H., dated 20/11/1442 H., corresponding to 30/06/2021 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: the Swiss International Financial Services Company based outside the Kingdom and the Swiss International Marketing Company.

The decision concluded with the conviction of the abovementioned companies 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 “dealing" and advertising the activities of “dealing", “advising" and “managing" in the capital market without obtaining a license from the CMA, through the following websites (http://swissfs.sa.com/ar/home) and (https://www.swissfs.com) and on the social media account (Twitter) with the handle names (@swissfs3), (@advisor_swissfs) and (@swissFS_sa), in return for financial fees transferred and deposited into their bank accounts.

The decision included the imposition of sanctions upon them according to the following:

First Defendant: The Swiss International Financial Brokerage Company:

1.  Imposing a fine amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations.
2. Imposing a fine amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as Article (17) of the Securities Business Regulations.

Second Defendant: The Swiss International Marketing Company:

1. Imposing a fine amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations.
2. Imposing a fine amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as Article (17) of the Securities Business Regulations.

Furthermore, any person who has entered into an agreement or contract with the convicted entities 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 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 Compliant Link).