Jurisdictions of ACRSD
ACRSD is an extension to the subject-matter jurisdiction of which CRSD holds, and was set forth in Article Twenty Five, paragraph (a) of the Capital Market Law. This jurisdiction gave ACRSD the powers to resolve disputes that fall within the scope of the Capital Market Law and its Implementing Regulations, as well as CMA and the Exchange Market regulations, rules and instructions in terms of public and private actions. ACRSD also has jurisdiction over the appeal of decisions and procedures issued by CMA and the Exchange Market.
Thus, the ACRSD have geographical jurisdiction, where ACRSD proceeds with spatial jurisdiction that includes all parts of the Kingdom of Saudi Arabia. Along with that, ACRSD enjoys a subject-matter jurisdiction represented in considering requests for appeals of decisions issued by CRSD regarding complaints that arise between investors relating to the Capital Market Law and its implementing regulations as well as CMA and the Exchange Market regulations, rules and instructions in terms of public and private actions, what is known as Civil Suit. ACRSD also considers requests for appeals of decisions issued by CRSD brought by CMA against violators of the Capital Market Law and its implementing regulations, what is known as Penal Suit. Additionally, ACRSD reviews requests for appeals of decisions issued by CRSD in terms of complaints and grievances resulted from decisions and procedures issued by CMA or the Exchange Market, what is known as Administrative Suit.
Authorities of ACRSD
Article Twenty Five, paragraph (g) of the Capital Market Law provides for the authorities of ACRSD in dealing with requests for appeal of decisions issued by CRSD. These powers consist of the following:
- Refuse to review CRSD decisions.
- Affirm CRSD decisions.
- Undertake a de novo review of the complaint or suit based on the record at the hearing before CRSD and to issue the appropriate decision.
Nature of Decisions
The decisions of ACRSD are considered final and cannot be appealed.
