Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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.