The Saudi CMA announced today that it had withdrawn the license of Ernst and Young Saudi Arabia Consulting. E&YSAC had been given a license to conduct arranging and advising activities in the Kingdom.
The license was canceled due to "مخالفتها لعدد من أحكام نظام السوق المالية ولوائحه التنفيذية." That is, for violations of the Saudi Capital Markets Law and its implementing resolutions.
The CMA also canceled the license for Tarteeb Securities Company (also for advising and arranging activities) but this was at Tarteeb's request.
And finally the CMA fined Al-Jouf Company for Agricultural Development SR50,000 for failing to report its Finance Director's resignation (3 July 2009) until 25 January 2010. Here's the link to Al-Jouf's page at the Tadawul.
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