Saudi Capital Markets Authority Regulatory Actions

The Saudi CMA announced the following:

1. Talal Abu Ghazaleh Financial Consulting Company – Revocation of license to arrange and advise on capital markets transactions for failure to comply with relevant requirements. (Arabic text here)
   
2. Alpha Team – Revocation of license to arrange and advise on capital markets transactions for failure to comply with relevant requirements. (Arabic text here)
   
3. Addax Securities Saudi Arabia – At Addax's request agreed to the cancellation of its license to act as a principal, underwriter, agent, manager, arranger, advisor and custodian on capital market transactions. (Arabic text here)
   
4. Saudi Pioneers Securities Company – At SPSC's request agreed to the cancellation of its license to act as a principal, underwriter, agent, manager, arranger, advisor and custodian on capital market transactions. (Arabic text here).
   
5. According to AlRiyadh newspaper, the CMA also fined National Company for Industrialization SR 50,000 (US$13,333) for failure to promptly report the resignation of its SVP for Investments and Finance. He resigned on 1 November 2008 but formal notice was only given on 15 September 2009.
   

The first two appear revocations are for violations of regulations, while the second two were at the request of the company.