CMA warns market manipulators of prosecution

SourceSaudi Gazette
SectorFinancial Markets
CountrySaudi Arabia

Saudi Gazette reportRIYADH — Saudi Arabia’s Capital Market Authority (CMA) warned that legal procedures will be taken against violators of its regulations in the capital market and will refer them to the Public Prosecution. The authority alerted investors that it had detected a number of suspicious activities, including manipulation, misleading statements, and violation of the Capital Market Law and its executive regulations, in light of what the market witnessed from the rises and fluctuations in values of shares of some companies. “The authority is working to complete the necessary procedures regarding these suspicious dealings in preparation for taking legal measures against the violators, including referring them to the Public Prosecution,” it said in a statement.The CMA affirmed its keenness to implement the Capital Market Law and its executive regulations as well as to protect the market from illegal practices. It called on all dealers and investors in the financial market not to be led by any unjustified rises of share prices or rumors or more...