Saudi Arabia’s Capital Markets Authority (CMA) board has resolved to refer a number of suspects to the Public Prosecution on suspicion of breaching Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations, in connection with conduct linked to National Building and Marketing Co’s share offering on the Parallel Market. The CMA alleges the suspects sought to influence the offering outcome by creating a false and misleading impression regarding the security and the company’s satisfaction of the liquidity requirements for Parallel Market listing, and carried out transactions intended to fraudulently meet eligibility criteria for transition to the main market. The CMA reiterated that fraud, deception, misrepresentation and manipulation are violations that can result in legal accountability and penalties under the Capital Market Law and its implementing regulations, and stated it monitors transactions and will pursue those who manipulate the market. The General Secretariat of Committees for Resolution of Securities Disputes will publish the identities of convicted violators on its website once final decisions are issued in criminal cases. Persons affected by the violations may seek compensation after conviction before the Committee for the Resolution of Securities Disputes, provided the claim is preceded by a complaint filed with the CMA.
Saudi Arabia Capital Markets Authority 2025-05-26
Saudi Arabia Capital Markets Authority refers suspects to Public Prosecution over alleged manipulation of National Building and Marketing Co Parallel Market offering
The Saudi Arabia Capital Markets Authority (CMA) referred suspects to the Public Prosecution for allegedly breaching Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations, related to National Building and Marketing Co’s share offering. They are accused of creating a false impression and manipulating transactions. The CMA is committed to prosecuting market manipulation, with identities of convicted violators to be published by the General Secretariat of Committees for Resolution of Securities Disputes.