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Saudi Arabia: Saudi Capital Market Authority Prosecutes 250 People for Violating Law

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


insider trading, UAE

The violation of the Capital Market Law and alleged insider trading has got certain concerned individuals in legal trouble. For revealing sensitive internal information, the Saudi Capital Market Authority (CMA) has placed around 250 social media users to the Public Prosecution. In addition, the group's supervisor was apparently found spreading ideas about listed companies through the group in a possible attempt at manipulating prices and gain a personal benefit, as well as managing some portfolios without a CMA licence. The CMA has reiterated through these actions and their communications to concerned stakeholders that they intend to protect the security of investors and the capital market. The CMA has also called for confidentiality in information about listed companies. Any person affected by such insider trading can approach the CMA for Resolution of Security Disputes under Article 57 of the Capital Markets Law.