KAUST solar desalination technology MEDAD wins MEED Sustainability Medal 2020    King Salman discusses bilateral ties, Iranian threats in call with US president    Saudi foreign minister discusses bilateral ties in phone call with US counterpart    Safarway: The only guide you will need on your trip    Qatari Leadership Congratulates Custodian of the Two Holy Mosques on Successful Surgery Undergone by HRH Crown Prince    CEO of Formula E highlights strong partnership with Saudi Arabia    Inaugural Red Sea International Film Festival to take place in November    UAE Leadership Congratulates Custodian of the Two Holy Mosques on Successful Surgery Undergone by HRH Crown Prince    CEO of Formula E Highlights Strong Partnership with Saudi Arabia    Saudi Arabia aims to become a top 20 digital powerhouse by 2030: Deputy telcom minister    UAE Announces 3,025 New COVID-19 Cases in Last 24 Hours    Bahrain approves Johnson and Johnson's coronavirus vaccine    Saudi Arabia seeks to explore agricultural investment opportunities in Chile    Germany's Merkel warns of third wave if lockdown is lifted too quickly    'I'm not the same': COVID-19 sufferer still has symptoms nearly a year on    Kuwaiti Leadership congratulates Saudi HRH Crown Prince on successful surgery    Saudi Stock Exchange Main Index Ends Trading Higher, at 9,194.92 Points    Researchers find worrying new coronavirus variant in New York City    Prince Khalid calls UK defense secretary    Deputy Minister of Environment, Water and Agriculture, Chilean Deputy Foreign Minister Discuss Partnership in Agricultural Investment    UN independent experts slam Malaysia for deporting migrants to Myanmar    Saudi Press: Saudi Arabia Witnessed 90 Major Human Rights Reforms    Asian Stocks Rise    Weather Forecast for Thursday    National Debt Management Center Issues Sovereign Bonds in Euro with Negative Return    Human Resources Ministry strategies    CEO of Quality of Life Program: by hosting Formula E, Saudi Arabia confirms that it is a global center for major sports    Areej Mutabagani elected head of Saudi Tennis Federation    24 Participants Representing 12 World-Class Teams to Take Part in Formula E, in Diriyah    Press Conference to Hold Virtually Tomorrow Highlighting Preparations of Hosting Formula E in Diriyah    Investigators release preliminary findings on the United Airlines flight engine failure    Saudi GAMI announces at IDEX: 70 Military industries companies are in Saudi Arabia with investment worth SAR 24 billion    Saudi Arabia to Host Formula E    Focusing a lens on courage, despair and hope    World's longest painting created in Dubai to raise 110mn dirhams for coronavirus-hit kids    Meghan and Prince Harry expecting second child    Film Commission Launches 28 Cinematic Projects for Winners of Daw' Film Competition    SASCA in Dammam Sets a Deadline for Receiving Participations in International Video Art Forum    Saudi Film Commission Opens Registration Doors for Digital Filmmakers' Program    Saudi Arabia Names " Scales" Film to Represent it in Oscars    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Affected person can demand requital from convicted manipulator
Published in The Saudi Gazette on 15 - 02 - 2016

The Saudi Capital Market Authority (CMA) explained the public right lawsuits filed against violators of the Capital Market Law and its implementing regulations as well as the rules and regulations of the Exchange. Private right lawsuits are those between individual investors or any group of investors in securities or against an authorized persons or any of the previously mentioned parties.
All final public right lawsuit verdicts issued by the Committee for the Resolution of Securities Disputes or the Appeal Committee in regard to the violations of the Capital Market Law and its implementing regulations are announced by the CMA.
CMA stated in a press release that announcement of any final verdict in a public lawsuits are designed to help any investor in the Saudi capital market understand their rights according to the Capital Market law, to file a private right lawsuit against any violator of the Capital Market Law or its implementing regulations whether he is a natural or a legal person.
This includes violations where the date and time of its occurrence are mentioned in the CMA announcement and all securities related to the violation as per clause (A) of Article 57 of the Capital Market Law. Clause (A) states that: " Any person who violates Article 49 of this Law or any of the regulations or the rules issued by the Authority pursuant to the said article by engaging in an act or transaction for the purpose of intentionally manipulating the price of a security, or participating in such act or transaction, or is responsible for a person who undertakes such act or transaction shall be liable for damages to any person who purchases or sells the security whose price has been significantly adversely affected by such manipulation for the amount such person's purchase or sale price was so affected."
Article 57 stresses that the right to file a compensation lawsuit is guaranteed under the law for any person buying or selling a security that actions of the manipulative person.
CMA has also stated that as soon as any suspected violation is detected by its technical and monitoring systems, procedures to deal with the possible violation are enacted. If credible evidence and materials are collected in support of filling a case for a suspected violation of the capital market law or any of its implementing regulations thereafter, the relevant CMA department would either make a judgment on the possible violations being under the jurisdiction of the Bureau of Investigation and Public Prosecution or under the jurisdiction of the Committee for the Resolution of Securities Disputes (CRSD) pertaining to the possible violators of the Capital Market Law and its implementing regulations.
Applying the regulatory sanctions on the violators is demanded by the lawsuit whether it is filed by CMA or the Bureau of Investigation and Public Prosecution. This may include paying all the profits realized through the manipulative act to the public coffers, including the illegal profits on investment portfolios of other people who were not convicted by the CRSD or the Appeal Committee but were a result of the violations committed by the plaintiff.
The names of the plaintiffs if found guilty of a violation through a final verdict of the Committee for the Resolution of Securities Disputes (CRSD) or the Appeal Committee in violations of the Capital Market Law and its implementing regulations would be made public by the CMA.
The law guarantees that all civil cases (private right lawsuits) filed by any affected person separately to the Committee for the Resolution of Securities Disputes (CRSD) against any violator who was previously convicted in the penal lawsuit, of violating the Capital Market Law and its implementing regulations requesting civil compensation for all the losses and damages resulting from these violations. Final compensation decision shall be enforced through the authorized government agency under Article 25 of the Capital Market Law.
CMA, in its efforts to promote investor awareness, would urge investors to read the guidebook titled "How to File a complaint" which explains the procedures for filing a complaint in a securities disputes, Investors may also find useful reading the guidebook titled "Dealing with Committees for Resolution of Securities Disputes " published by The Committee for the Resolution of Securities Disputes. — SG


Clic here to read the story from its source.