CMA says @rabeh_saudi Twitter account not licensed to carry out securities business

Logo of the Capital Market Authority

The Capital Market Authority (CMA) announced today, Oct. 31, the Twitter account - @rabeh_saudi - is an unauthorized person to carry out securities business in the Kingdom.

The authority is in the process of completing the regulatory procedures in this regard, assuring its devotion to apply the Capital Market Law and its Implementing Regulations and to protect the market from illegal practices.

The CMA called on all participants and investors in the Saudi Exchange to limit their dealings in securities to capital market institutions authorized by the CMA to carry out securities business.

It further requested them not to deal with unauthorized persons, whether they were of natural or legal persons. Moreover, they must ensure that the persons with whom they deal have obtained the CMA’s authorization, or check CMA website to view the list of the authorized capital market institutions.

Any person who has entered into any agreement or contract with an unauthorized person is entitled to file a claim, individually or collectively, to the Committee for the Resolution of Securities Disputes to rescind the agreement or contract and recover any money or other property paid or transferred by such person under the agreement or contract, pursuant to Article 60B of the Capital Market Law, provided that such claim is preceded by a complaint to the CMA.