The Capital Market Authority (CMA) emphasizes its duty to ensure the transparency and justice in the transactions of the local financial market; based on the tasks entrusted to it in accordance to the Capital Market Law issued by a Royal Decree. CMA explained that it is going to go on monitoring the transactions and disclosure levels in listed companies and Authorized Persons.
According to the Capital Market Law, CMA is responsible of regulating and monitoring full discloser on any information related to financial securities and their issuing companies. The Authority asked all investors to follow up on the listed company’s information and discloser to base their investment decisions on detailed and trusted information
CMA also monitors the violations that contradict the objectives aiming to increase the efficiency of the market and related institutions.
This is based on Article Five of the Capital Market Law which states that the Authority shall be the agency responsible for issuing regulations, rules and instructions, and for applying the provisions of this law. To achieve that, CMA regulates and develops the exchange and protects citizens and investors in securities from unfair and unsound practices or practices involving fraud, deceit, cheating or manipulation.
According to recent data issued by the Authority, CMA has observed 145 violations related to the CML and its implementing regulations in the first half of this year 2013. It is down by %21 compared to the first half of last year which reached 185 violations.
The majority of the violation cases were under the “Discloser” category with 26 violations. After that comes the violation cases under “Practicing securities business without authorization” which reached 24 violations.