Logo of Capital Market Authority (CMA)
The Capital Market Authority (CMA) and the Committees for the Resolution of Securities Disputes (CRSD) issued 75 decisions against 160 violators of laws and regulations, including 62 top executives and 55 investors, in 2022, according to CMA's annual report.
The market regulator also noted that a total of 130 penalties were implemented against violators, which represent 81% of total penalties. Meanwhile, the authority is following up on implementing the remaining penalties.
|
CMA's Penalty Decisions against Violators in 2022 |
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|
Type of violation |
Number |
Implemented |
Percentage of implemented decisions |
|
Board members/ Senior executives |
62 |
50 |
80.6 % |
|
Investors |
55 |
37 |
67.3 % |
|
Capital market institutions / registered persons |
38 |
38 |
100.0 % |
|
Listed companies |
5 |
5 |
100.0 % |
|
Total |
160 |
130 |
81.3 % |
The authority said that the total fines and penalties issued against violators in 2022 amounted to about SAR 43.3 million, of which 76%, or SAR 33 million, were collected.
Investors came on top with SAR 20.4 million penalties and fines, of which SAR 11.8 million, or 58%, were collected. Meanwhile, SAR 13.14 million worth of fines were imposed on capital market institutions. Senior executives were penalized SAR 8.31 million, of which about 79% were collected.
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Total Amounts of Fines and Penalties in 2022 |
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|
Type of violators |
Total amount of fines and penalties (SAR mln) |
Total collected amount (SAR mln) |
Percentage of collected amount from total fines and penalties |
|
Investors |
20.42 |
11.84 |
58.0 % |
|
Senior executives |
8.31 |
6.59 |
79.3 % |
|
Registered persons |
1.23 |
1.23 |
100.0 % |
|
Listed companies |
0.19 |
0.19 |
100.0 % |
|
Capital market institutions |
13.14 |
13.14 |
100.0 % |
|
Total |
43.28 |
32.99 |
76.2 % |
With regard to the type of violation, the fines and penalties imposed on violators of the market conduct regulations came on top with SAR 18.1 million, or 42% of the total fines and penalties, of which about SAR 11.5 million were collected.
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Fines and Penalties By Type of Violation |
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|
Type of violation |
Total amount of fines and penalties (SAR mln) |
Total collected amount (SAR mln) |
The percentage of collected amount from the total fines and penalties |
|
Market conduct regulations |
18.06 |
11.46 |
63.4 |
|
Capital market institutions regulations |
10.91 |
9.76 |
89.5 |
|
Rules on the offer of securities and continuing obligation |
7.28 |
6.28 |
86.3 |
|
Real estate investment funds regulations |
2.23 |
2.23 |
100.0 |
|
Corporate governance regulations |
2.01 |
1.81 |
90.0 |
|
Securities business regulations |
1.25 |
0.27 |
21.9 |
|
Board decisions |
0.80 |
0.80 |
100.0 |
|
Companies Law |
0.54 |
0.17 |
31.5 |
|
Listing rules |
0.11 |
0.11 |
100.0 |
|
Implementing regulations of the law of Anti-money laundering rules and combating terrorist crimes and their financing |
0.10 |
0.10 |
100.0 |
|
Total |
43.28 |
32.99 |
76.2 |
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