Saudi Arabia’s financial regulatory authority refers five suspects to Public Prosecution

SourceZawya
SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia’s financial regulatory authority refers five suspects to Public Prosecution The Capital Market Authority of Saudi Arabia said the suspects violated Article 49 of the Capital Market Law, and Articles 2 and 8 of the Market Conduct Regulations    Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. RIYADH: Saudi Arabia’s financial regulatory authority said it has referred five suspects to the Public Prosecution accused of engaging in “manipulative and misleading” practices, a statement on state-run Saudi Press Agency said.The Capital Market Authority of Saudi Arabia said the suspects violated Article 49 of the Capital Market Law, and Articles 2 and 8 of the Market Conduct Regulations.It said the suspects “engaged in manipulative and misleading practices in market trading by entering buy or sell orders of shares with the aim of influencing the price of the banknote.”It added that they “traded (bought) the shares of a number of listed companies, then...read more...