CMA LAW: The Capital Markets Authority Announces Filing a Report with the Prosecutor General Regarding the Occurrence of a Crime

The Capital Markets Authority announces filing a report with the Prosecutor General on 24/07/2024 regarding the occurrence of the crime stipulated under Item No. (1) of Article No. (126) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, for practicing securities activities in  violation of the provisions of Items No. (4), (5), and (9) of Article (63) of the aforementioned Law. The defendant, through his account on the social media platform “X” (formerly Twitter), published a post on providing services related to securities activities, as well as an advertisement in Al-Rai newspaper on 9/7/2024, 23/7/2024 and in Aljarida newspaper on 9/7/2024, 21/7/2024 regarding listing on the local securities exchange, which is considered practicing the activity of Investment Portfolio Manager, Collective Investment Scheme Manager, and Subscription Agent without obtaining the necessary license from the CMA.

Note: A list of companies and entities not licensed to practice securities activities by the Authority.

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