CMA fines 2 companies SAR 4.2 mln for Capital Market Law violations

The two companies were convicted for practicing securities business represented in dealing and advertising the activities of (dealing, managing and advising) by providing trading services and receiving or transferring sums of money in return for such services, deposited in the bank account of the Swiss International Marketing and advertising such activities via Swissfs on LinkedIn, a social media platform, during the period between July 1, 2021, to Dec. 29, 2021 without obtaining a license from CMA.  

The regulator clarified that any person who has entered into an agreement or contract with the two convicted companies in relation to these violations is entitled to file a claim, jointly or severally, with the CRSD to request the rescission of the agreement or contract. 

Additionally, the CMA said the affected persons can recover any money or other property paid or transferred by them under the agreement or contract, provided that such claim is preceded by a complaint filed with the CMA.