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Saudi Arabia’s Capital Market Authority (CMA) has confirmed that two Swiss companies have been fined 4.2 million riyals ($1.12 million) for unlicensed securities dealings.
The regulator said the Appeal Committee for Resolution of Securities Disputes (ACRSD) has issued its final ruling convicting two businesses, the Swiss International Marketing Company and the Swiss International Financial Services Company (Swissfs), for violating the Capital Market Law and the Securities Business Regulations.
The firms were found to have engaged in activities without obtaining a license from the CMA. The activities include dealing and providing trading services, and receiving or transferring funds in exchange for the services through the bank account of Swiss International Marketing Co. during the period between July 1, 2021 and December 29, 2021.
Each of the two companies were fined SAR2.1 million for violating Article (31) of the Capital Market Law, as well as Article (5) and (17) of the Securities Business Regulations.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
