The Saudi Capital Market Authority (CMA) settled 73 percent of 2,000 investor complaints in the first nine months (9M) of 2018, Bader Balghonaim, deputy of Legal Affairs and Enforcement at CMA, told Argaam in an exclusive on Thursday.
“The settlement came as part of the market regulator’s efforts to list the decisions issued by the competent litigation committee, so as to raise complainers’ awareness of their results,” Balghonaim said.
The CMA aims to set effective rules for amicable and fast dispute resolution.
Seeking to boost investor confidence in the market, the authority will launch various initiatives to support this approach, including rewards and protection for the investors reporting market violations.
Meanwhile, the market regulator is aiming to issue the ‘Investor Rights Document’ in 2019 to raise participant awareness about the rights guaranteed by the applicable regulations.
The new document will focus on protecting investor rights to reduce potential complaints and disputes.
“The authority has not imposed any restrictions on Investor Protection application use, as complainers are not required to disclose their personal data,” Balghonaim said.
This move aims to enhance investor confidence in the market and facilitate procedures for participants, he added.
The new program was developed as part of the CMA’s efforts to facilitate communication procedures and speed up complaint handling.
Comments
{{DisplayName}}
{{ElapsedTime}}