Printer Friendly

Saudi market regulator warns illegal operators.

Muscat: The Capital Market Authority (CMA) of Suadi Arabia has warned all institutions who are not Authorised Persons authorised by the CMA or an Exempt Person under the Securities Business Regulations, against carrying out securities business in Saudi Arabia.

Conducting securities business without a licence shall be considered violating the relevant provisions of the Capital Market Law and its Implementing Regulations and shall be subject to sanctions.

The CMA has also called upon investors in securities to limit their dealings to CMA Authorised Persons only and not to deal with persons who are not authorised by the CMA to conduct securities business - whether they are individuals or institutions.

The CMA further reminded investors to verify that the institutions they are dealing with are authorised by the CMA to conduct securities business, adding that persons who are not authorised by the CMA are not permitted to collect money or conduct any securities business such as dealing in securities, managing securities in circumstances involving the exercise of discretion, introducing parties in relation to securities business, advising on corporate finance business or otherwise acting to bring about a deal in a security transaction, advising a person on the merits of a security or exercising any right to deal conferred by a security, etc.

The CMA also emphasised that contractual agreements which result in the practice of securities business by a person not authorised by CMA to conduct such business in the Kingdom are considered to be void.

Investors can check the list of persons authorised by the CMA to conduct securities business in the Kingdom on the CMA's website at www.cma.org.sa.

(Follow timesofoman.com on Facebook and on Twitter for updates that you can share with your friends.)

Muscat Press and Publishing House SAOC 2012

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2012 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Times of Oman (Muscat, Oman)
Date:Sep 3, 2012
Words:303
Previous Article:No decision taken yet on refinery consultancy: KNPC.
Next Article:New York probes private equity firms tax strategy.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters