The Board of the Capital Market Authority issued its resolution to suspend the license granted to Mekyal Financial Technologies Company to conduct Arranging activity in the securities business, based on clause (b) of Article Sixty-Two of Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H, and cancelation of the permission of the FinTech Experiment granted to Mekyal Financial Technologies Company to test Offering and Investment in Debt Instruments, for the safety of the market and the protection of investors.
This comes as part of the CMA's responsibilities to issue the necessary decisions, instructions, and procedures to implement the provisions of the Capital Market Law and its Implementing Regulations, as well as to conduct inquiries and investigations into any violations of the Law or its regulations. Based on the CMA's ongoing supervision of Mekyal Financial Technologies Company, several matters were identified concerning the accuracy and reliability of the company's disclosures.
