​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. (2081/L.S/2020) of 1442 H., dated 17/04/1442 H., corresponding to 02/12/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Omar Abdulrahman Atwan.

The decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) and Article (17) of the Securities Business Regulations, for carrying out securities business represented in “Advising" by providing recommendations on companies' shares listed on the Saudi Stock Exchange and advertising such recommendations on the social media network via Twitter account; with the handle name (@adbl_kolsana), in return for financial fees transferred to his bank account without obtaining a license from the Capital Market Authority.

The decision included the imposition of a number of sanctions upon him according to the following:

1)     Imposing a fine upon him amounting to (SR. 10,000) ten thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.

2)     Imposing a fine upon him amounting to (SR. 10,000) ten 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 person 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).