The Capital Market Authority logo
The board of the Capital Market Authority (CMA) and the Committees for the Resolution of Securities Disputes issued enforceable penalties against 255 violators in 2025. 
In its 2025 annual report, the authority stated that 199 penalties had been enforced against various violators, representing 78% of the total penalties, noting that the remaining cases are currently under follow-up for enforcement.
Board members and senior executives topped the list of violators, with 108 violators, and an enforcement rate of 82.4%. Meanwhile, the number of violating investors reached 97, with an enforcement rate of 63.9%. The enforcement rate for capital market institutions stood at 95.5%, with 44 violators.
Meanwhile, six decisions issued against listed companies were enforced.
CMA’s Penalty Decisions against Violators in 2025
Type of violation
Number
Enforced
Enforcement rate
Board member/senior executive
108
89
82.4%
Investor
97
62
63.9%
Capital market institution/registered person
44
42
95.5%
Listed company
6
6
100.0%
Total
255
199
78.0%
The CMA said that the total amount of fines and financial penalties imposed for violations of market laws and regulations reached about SAR 179.1 million last year, of which 58% was collected, or SAR 103.9 million.
Fines imposed on investors ranked first, totaling SAR 154.4 million, of which SAR 82.1 million was collected, representing 53%. This was followed by fines imposed on senior executives amounting to SAR 9.4 million, around 75% of which was collected. Fines totaling approximately SAR 14.2 million were also imposed on capital market institutions.
Total Fines, Financial Penalties Imposed during 2025
Type of violation
Total fines imposed (SAR million)
Amount collected (SAR million)
Collection rate
Investor
154.37
82.11
53.2%
Top executives
9.44
7.09
75.1%
Registered person
0.95
0.38
40.0%
Listed company
0.15
0.15
100.0%
Capital market institution
14.19
14.12
99.5%
Total
179.10
103.85
58.0%
Fines and financial penalties related to the Market Conduct Regulations accounted for the largest share, totaling SAR 138.9 million, representing 78% of all fines imposed, of which 56.3% was collected.
Breakdown of Fines by Type of Violation
Type of violation
Total fines imposed (SAR million)
Amount collected (SAR million)
Collection rate
Market conduct regulations
138.92
78.23
56.3%
Investment accounts instructions
7.63
7.63
100.0%
Companies Law
7.22
5.80
80.3%
Capital market institutions regulations
6.10
5.48
89.8%
Securities business regulations
14.64
3.07
21.0%
Investment funds/REITs regulations
1.41
1.41
100.0%
Corporate governance regulations
1.96
1.08
55.1%
Rules on the Offering of Securities and Continuing Obligations
0.78
0.78
100.0%
Anti-Money laundering and counter-terrorism financing regulations and
implementing instructions
0.28
0.21
75.0%
Financial Adequacy Rules
0.08
0.08
100.0%
Others
0.09
0.09
100.0%
Total
179.10
103.85
58.0%
The Capital Market Authority logo
The board of the Capital Market Authority (CMA) and the Committees for the Resolution of Securities Disputes issued enforceable penalties against 255 violators in 2025.
In its 2025 annual report, the authority stated that 199 penalties had been enforced against various violators, representing 78% of the total penalties, noting that the remaining cases are currently under follow-up for enforcement.
Board members and senior executives topped the list of violators, with 108 violators, and an enforcement rate of 82.4%. Meanwhile, the number of violating investors reached 97, with an enforcement rate of 63.9%. The enforcement rate for capital market institutions stood at 95.5%, with 44 violators.
Meanwhile, six decisions issued against listed companies were enforced.
CMA’s Penalty Decisions against Violators in 2025
Type of violation
Number
Enforced
Enforcement rate
Board member/senior executive
108
89
82.4%
Investor
97
62
63.9%
Capital market institution/registered person
44
42
95.5%
Listed company
6
6
100.0%
Total
255
199
78.0%
The CMA said that the total amount of fines and financial penalties imposed for violations of market laws and regulations reached about SAR 179.1 million last year, of which 58% was collected, or SAR 103.9 million.
Fines imposed on investors ranked first, totaling SAR 154.4 million, of which SAR 82.1 million was collected, representing 53%. This was followed by fines imposed on senior executives amounting to SAR 9.4 million, around 75% of which was collected. Fines totaling approximately SAR 14.2 million were also imposed on capital market institutions.
Total Fines, Financial Penalties Imposed during 2025
Type of violation
Total fines imposed (SAR million)
Amount collected (SAR million)
Collection rate
Investor
154.37
82.11
53.2%
Top executives
9.44
7.09
75.1%
Registered person
0.95
0.38
40.0%
Listed company
0.15
0.15
100.0%
Capital market institution
14.19
14.12
99.5%
Total
179.10
103.85
58.0%
Fines and financial penalties related to the Market Conduct Regulations accounted for the largest share, totaling SAR 138.9 million, representing 78% of all fines imposed, of which 56.3% was collected.
Breakdown of Fines by Type of Violation
Type of violation
Total fines imposed (SAR million)
Amount collected (SAR million)
Collection rate
Market conduct regulations
138.92
78.23
56.3%
Investment accounts instructions
7.63
7.63
100.0%
Companies Law
7.22
5.80
80.3%
Capital market institutions regulations
6.10
5.48
89.8%
Securities business regulations
14.64
3.07
21.0%
Investment funds/REITs regulations
1.41
1.41
100.0%
Corporate governance regulations
1.96
1.08
55.1%
Rules on the Offering of Securities and Continuing Obligations
0.78
0.78
100.0%
Anti-Money laundering and counter-terrorism financing regulations and
implementing instructions
0.28
0.21
75.0%
Financial Adequacy Rules
0.08
0.08
100.0%
Others
0.09
0.09
100.0%
Total
179.10
103.85
58.0%
