[ad_1]
Today, Wednesday, the Saudi Capital Markets Authority announced the release of the council’s decision, which includes the dismissal of 11 suspects for violating Article 49 of the Financial Markets Law and Article two of the regulation on the conduct of the market to the public prosecutor.
According to a statement released by the Capital Market Authority, the referral to the prosecution was seized for the 11 suspects engaging in “manipulative and deceptive practices in market operations, due to suspicion of trading in the shares. Al Kathiri Holding Company and Anam International Holding Group “.
In turn, Mada’a Investment CEO Thamer Al-Saeed said in an interview with Al-Arabiya that traders are now aware that the Capital Market Authority “does not pay attention to actions that increase a lot, but pay attention to manipulations and violations “.
Al-Saeed added that from his perspective as a financial analyst, these announcements are considered “based on evidence of suspicious transactions that the CMA will present to the prosecution, and do not constitute strict supervision or controls,” and they are part of the rights of traders, especially those who have recently entered the market ”. Violations are tracked, notified and warned against them, and violators are therefore held accountable.
Cases of suspicion included suspects who had committed a number of violent behaviors, including “entering purchase orders for the purpose of influencing the stock price and entering purchase orders at the closing auction. with the aim of achieving a high closing price for the two aforementioned companies during the period from 05/12/2019 to 11/15/2020 ‘.
In this regard, the Autorité stressed that it would not hesitate to prosecute the manipulators in the financial market by monitoring their transactions according to its powers in accordance with the financial market system and its advanced technical means which allow it to monitor all transactions and monitor suspicious cases, and quickly take the necessary legal measures in accordance with laws and regulations, in order to achieve the objectives The Authority aims to improve the efficiency of the financial market and protect its brokers against the practices illegal and to ensure that they are not exposed to deception or manipulation.
In turn, the General Secretariat of Securities Dispute Resolution Committees announces on its website the identity of offenders when final decisions are rendered by securities dispute resolution commissions in criminal cases.
According to the authority’s statement, “the person affected by these violations has the right, after they have been proven, to file a complaint against the violators to demand compensation before the committee under section 57 of the law. on the capital market, provided this is preceded by a complaint to the Authority. “
The Capital Market Authority said its decision came “on the basis of the responsibilities of the Capital Market Authority in protecting the market from unfair and inappropriate practices, and working to ensure fairness, sufficiency and transparency of securities transactions, and on the basis of Article 17 of the Capital Market Law.
Source link
