Logo ofGeneral Secretariat of the Committee for the Resolution of Securities Disputes
The Capital Market Authority (CMA) announced the issuance of a final decision by the Appeal Committee for the Resolution of Securities Disputes, convicting Ertiyad Holding Group of violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations. 
A financial penalty of SAR 6.12 million was imposed on the group.
In its statement, the CMA said the Appeal Committee’s final decision convicted Ertiyad Holding of engaging in securities business activities, specifically acting as an agent by receiving funds and investing them in Tadawul in exchange for a share of the profits, without obtaining the required license from the CMA.
The CMA added that the Appeal Committee’s decision resulted from joint coordination and collaboration between the CMA and relevant entities, following a public criminal lawsuit filed by the Public Prosecution based on a referral from the CMA against the convicted party.
The CMA emphasized the importance of investor confidence in the growth and development of the financial market. It reaffirmed its commitment to monitoring any violations of the Capital Market Law, its implementing regulations, and other applicable laws under its jurisdiction.
The authority aims to detect violators, complete the necessary procedures to impose deterrent penalties, and foster an attractive investment environment free from unfair, fraudulent, misleading, or manipulative practices.
Meanwhile, the General Secretariat of the Committees for the Resolution of Securities Disputes announced that individuals who entered into agreements or contracts with the convicted party related to this violation could file individual or collective lawsuits with the Committees to demand the termination of such agreements or contracts and the recovery of any funds or other assets paid or transferred under the agreements. This is in accordance with paragraph (b) of Article 60 of the Capital Market Law, provided that a complaint is first submitted to the CMA.
The General Secretariat also noted that it would publicly announce on its website when any collective lawsuits are registered, allowing other investors who have entered into agreements or contracts with the convicted party to join the collective lawsuit.
Logo ofGeneral Secretariat of the Committee for the Resolution of Securities Disputes
The Capital Market Authority (CMA) announced the issuance of a final decision by the Appeal Committee for the Resolution of Securities Disputes, convicting Ertiyad Holding Group of violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations.
A financial penalty of SAR 6.12 million was imposed on the group.
In its statement, the CMA said the Appeal Committee’s final decision convicted Ertiyad Holding of engaging in securities business activities, specifically acting as an agent by receiving funds and investing them in Tadawul in exchange for a share of the profits, without obtaining the required license from the CMA.
The CMA added that the Appeal Committee’s decision resulted from joint coordination and collaboration between the CMA and relevant entities, following a public criminal lawsuit filed by the Public Prosecution based on a referral from the CMA against the convicted party.
The CMA emphasized the importance of investor confidence in the growth and development of the financial market. It reaffirmed its commitment to monitoring any violations of the Capital Market Law, its implementing regulations, and other applicable laws under its jurisdiction.
The authority aims to detect violators, complete the necessary procedures to impose deterrent penalties, and foster an attractive investment environment free from unfair, fraudulent, misleading, or manipulative practices.
Meanwhile, the General Secretariat of the Committees for the Resolution of Securities Disputes announced that individuals who entered into agreements or contracts with the convicted party related to this violation could file individual or collective lawsuits with the Committees to demand the termination of such agreements or contracts and the recovery of any funds or other assets paid or transferred under the agreements. This is in accordance with paragraph (b) of Article 60 of the Capital Market Law, provided that a complaint is first submitted to the CMA.
The General Secretariat also noted that it would publicly announce on its website when any collective lawsuits are registered, allowing other investors who have entered into agreements or contracts with the convicted party to join the collective lawsuit.
