Saudi market regulator warns illegal operators.
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
|Printer friendly Cite/link Email Feedback|
|Publication:||Times of Oman (Muscat, Oman)|
|Date:||Sep 3, 2012|
|Previous Article:||No decision taken yet on refinery consultancy: KNPC.|
|Next Article:||New York probes private equity firms tax strategy.|