ICEC

Saudi Market Violations Drop 16.7% in 2011: CMA

Saudi Arabia’s Capital Markets Authority (CMA) has said the number of suspected violations of its rules in 2011 fell by 16.7%.

“The Authority’s success in broadening surveillance methods to boost the level of disclosure and transparency in the capital market led to an increase of 16.5 per cent in the announcements by listed companies to 2,975 announcements last year,” the CMA said.

The market regulator has imposed hefty fines against investors and executives found guilty of manipulation, or firms violating corporate governance and disclosure regulations.

This news has been reported by Reuters.

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