Latest news with #SecuritiesBusinessRegulations
Argaam
14-03-2025
- Business
- Argaam
2 investment firms, investor convicted of violating Capital Market Law
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued its final decision on the public penal case filed against Ammar bin Salim Bakhreebah, Elmar Capital, and Elmar Finance. The abovementioned person and entities were convicted of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations. Bakhreebah practiced securities business, represented in the activity of 'managing", by offering and managing an investment fund, receiving money from clients to invest in such investment fund. This was with the participation of both Elmar Capital and Elmar Finance without obtaining a license from the CMA. The committee decided to impose a fine of SAR 1 million on Bakhreebah and the two entities each, and imprisoning Bakhreebah for 90 days.
Argaam
13-02-2025
- Business
- Argaam
3 capital market law violaters fined SAR 500,000
The Appeal Committee for Resolution of Securities Disputes (ACRSD) convicted three investors for breaches of capital market laws, ordering them to pay a fine totaling SAR 500,000. ACRSD issued its first final decision convicting Osama Wafiq Tawfiq Asaad, Assistant Director of Investment Banking with the Financial Consultant for Mohammad Al-Mojil Group Co. during its IPO phase, after proving his responsibility in neglecting to indicate material information in Al-Mojil Group's IPO prospectus. ACRSD imposed a fine of SAR 100,000 on Asaad and banned him from managing portfolios or working as an investment advisor for five years. Further, he was banned him from working in bodies under the supervision of CMA for Five years as well. The second final decision issued by CRSD convicted Bader bin Abdullah bin Hamad Alhammad (registered person) for violating Article (24/a) of the Authorized Persons Regulations, and imposed a fine of SAR 200,000 on him. In its third decision, ACRSD convicted Mohammad bin Mahdi bin Saleh Alzahrani for violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations, for practicing securities business, represented in the activity of advising, without obtaining a license from the CMA. ACRSD also imposed a fine of SAR 200,000 on him. Furthermore, any person affected by these violations in this case is entitled to file a compensation claim (as an individual or class action) with the ACRSD for the damage affecting him from these violations, provided that such a claim is preceded by a complaint filed with the CMA in this regard.
