Capital Market Authority: Electronic surveillance analyzed 1311 cases and suspected 41
It tends to develop the E-control system to promote transparency and disclosure
The Capital Market Authority revealed yesterday that the E-Control System «Smart» has studied and analyzed in 2009 more than of 1311 warning cases, monitoring 41 suspected cases which violated the capital market system, while received 348 complaints related to operations implementation, facilities or investment funds or portfolio investment and other the other complaints.
Below are more details:
Dr. Abdul Rahman Al-Tuwaijry, Head of Capital Market has confirmed that in 2009 the Authority was seeking to provide a means of investment and new financing channels, it was approved on Saturday, 6/6/2009 for the establishment of a financial market for bonds trading in the Kingdom to be second-regulated market after the stock market, the actual operation begun on Saturday 13/6/2009.
This came in the annual report of the Capital Market Authority, which includes the most important achievements for the sake of financial market regulation and development in 2009, Dr. Altwaijri in his speech, which topped the annual report of the financial market in 2009 which highlighted the Authority efforts and development.
A number of 64 proposals, in addition to three primary bids , one issuance, and 13 granted shares.
The total value of securities issues about 30.86 billion riyals, and the number of listed companies in the financial market to (134) company, an increase of 6 per cent in 2008. As well as the Authority agreed to put 24 units of investment funds.
Dr. Al-Tuwaijry added that the Authority seeks to provide financial intermediation services and enjoy a variety of professional and appropriate expertise, issuing 12 licenses for new companies to operate in the securities of different activities and amended four licensees, and rescinded the license withdrawn 12.
The report explained what has been achieved, as the Authority continued following the listed company's commitment with the control and instructions and Publication issued by the Authority on whether to declare their quarterly -financial statements or the annual one or declaration of the vital information which concerns the investors.
In the context of the Authority efforts in providing protection and justice for investors in the Capital Market and protect them from unfair practices ,the report pointed through the E-Control System «Smart» analyzed in 2009 more than of 1311 warning cases, monitoring 41 suspected cases, violating the capital market system, while received 348 complaints related to operations implementation, facilities or investment funds or portfolio investment and other the other complaints. Taking in consideration the necessary actions for 91 per cent of these complaints and working to study 9 per cent of it.
The report has explained the violations total number of websites and Internet forums and recommendations or groups and the media whether audio and video which have been investigated and treated 43 cases.
Necessary procedures has been taken to address these violations, which was the represented in questioning those offenders, and immediately stop it.
The Authority has developed and implemented a field of study which explored the views of more than five thousands of investors; the study included all the relevant aspects of the investor toward the Authority.
The report also stated that the Authority will develop the SMART according to the latest regulation systems as well as to establish a control unit for electronic channels to monitor the improper practices related to the advertising or promotion to save money to be invested in any of the acts of the securities or the management of investment portfolios or make recommendations or perform any brokerage business without obtaining a license from the Authority.
The Authority will proceed in the implementation of the mobile Awareness Fair to include various Saudi cities and provinces, as well as Saudi universities.