Announcement from the General Secretariat of CRSD Regarding the Issuance of ACRSD Decision No. (2356/L.S/2021) of 1443 H. Convicting Violator of the Capital Market Law and its Implementing Regulations

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. (2356/L.S/2021) of 1443 H., dated 21/03/1443 H., corresponding to 27/10/2021, in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Do’a Alawi Fahmi Muhammad.

The 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, by carrying out securities business represented in “Advising” on shares of listed companies in the Saudi Stock Exchange in return for financial subscriptions, without obtaining a license from the CMA.

The decision included the imposition of a fine upon her amounting to (SR. 50,000) fifty thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted individual in relation to this 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 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).