Saudi Arabia’s Capital Market Authority (CMA), the Kingdom’s market regulator, imposed SAR 1.96 billion in fines on capital market violators in 2017, collecting SAR 118.5 million, equal to 6 percent.

 

The market regulator issued SAR 1.62 billion fines to top executives, of which 0.3 percent were collected, or SAR 4.7 million. These fines accounted for 83 percent of total fines, the CMA said in its annual report.

 

Investors took the second place with SAR 335.1 million penalties, of which 33 percent were collected.

 

CMA Imposed Fines in 2017 By Violator (SAR mln)

Violator

Total imposed fines

Total collected fines

Collected amount/ total fine (%)

Top Executives

1,621.15

4.71

0.3 %

Investors

335.15

109.57

33.0 %

Brokerage

3.24

3.24

100.0 %

Listed company

0.91

0.76

83.5 %

Registered person

0.44

0.21

47.7 %

Total

1,960.89

118.48

6.0 %

 

Classified by type, penalties imposed for manipulation and fraud represented the majority of last year's fines, with 99.6 percent, or SAR 1.95 billion. The market regulator collected SAR 110.9 million of those fines.

 

The anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) fines came in second, reaching SAR 2.4 million and making up for 0.1 percent of total penalties.

 

CMA Imposed Fines in 2017 By Violation (SAR mln)

Violation

Total imposed fines

Total collected fines

Collected amount/ total fine (%)

Manipulation and fraud

1,952.22

110.93

5.7 %

AML / CFT Rules

2.42

2.42

100.0%

Insider Trading

2.14

2.14

100.0%

Trading During Restriction period

1.28

0.70

54.7%

Rules of authorized brokers

0.89

0.66

74.2%

Corporate law

0.75

0.60

80.0%

Registering & listing rules

0.28

0.28

100.0%

Disclosure

0.26

0.23

90.1%

Investment& real estate funds rules

0.20

0.20

100.0%

Practicing securities business without a license

0.17

0.14

82.4%

Stake changes/acting without notifying the authority

0.10

0.10

100.0%

Rules of securities launching

0.10

0.00

0%

Decisions, circulars of CMA’s board

0.06

0.06

100.0%

Companies corporate governance

0.01

0.01

100.0%

Rules of financial adequacy

0.01

0.01

100.0%

Rules of merger & acquisitions

--

--

--

Total

1,960.89

118.48

6.0 %

 

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