CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution

Announcement Regarding Issuance of Disciplinary Board Resolution

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution on Thursday 25/6/2015 on violation No. (26/2015 Disciplinary Board) (8/2015 Authority) filed against: Abdullah Abdulreda Khorsheed.

That is by "suspending Mr. Abdullah Abdulreda Khorsheed from trading; direct or indirect purchasing and/or selling, whether for his own account or for the account of others for one month".

This punishment is due to violation of Article (122/2) clause (c) of "Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities" by creating fictitious trading which affected the market's indexes for the purpose of encouraging others to purchase or sell, which creates false or misleading impression on the actual trading.   

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaw on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

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