RIYADH - Saudi Arabian regulator the Capital Market Authority (CMA) has issued some rare insider trading fines against two investors for market abuse within the region's largest exchange. The two men, Mohammed bin Ibrahim al-Issa and Mohammed bin Salah al-Rushudi, were reportedly each fined 100,000 riyals ($26,700), according to the Financial Times. The regulator accused al-Issa of abusing his position on the board of Saudi Hotels to obtain privileged information that he used to trade the firm's shares. He was banned from working for a listed company for three years as well as having to pay back 3.37 million riyals ($9 million) in ill-gotten trading profits. Al-Rushudi allegedly used confidential information obtained in his role as chairman of the Al Gassim Agricultural Company to illegally trade its shares. Both men had reportedly denied the charges.
More on Regulation
SSM chair also wants to end rule opt-outs that make banks "look stronger than they really are"
Dodd-Frank and Mifid II won't stop market disorder but will penalise hedgers
Floors framework should not overstate risk, says Sweden's bank supervision chief
RBS risk veteran says banking activities pose greater threat
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.