Saudi Capital Markets Authority Considering SR 200,000 Reward for Whistleblowers
Abu Dhabi: The Saudi Capital Market Authority (CMA) plans to grant whistleblowers, who report fraudulent practices in the market, a reward of at least SR 200,000, local media reported.
A whistleblower, who must fully and clearly describe the fraudulent practice, submit information, documents or evidence about it, will be awarded a reward of up to 20 percent of the value of the financial penalties levied as a result of the whistleblowing. reported violations, if these penalties exceed one million riyals, Okaz said.
The whistleblower must provide their name, the report must be of their own free will and must not be a relative of employees of the Capital Market Authority or other regulators.
In addition, the information must not be available to the authority or has already been received. The informant must not have disclosed any information related to the report, Okaz added.
According to the regulations under consideration, the Capital Market Authority has the right to provide legal assistance to injured parties following their report.
Whistleblowers will be able to submit their reports on any fraudulent practice via the authority’s website, registered mail, in-person presence at the authority’s headquarters, a telephone call, the electronic investor protection application, any other means. determined by authority, Okaz said.
Last year, a stock trader was convicted of manipulation and fraud and fined SR 696,000 for violating Article 49 of the Financial Markets Law and Article 2 of the market conduct regulation, while trading the shares of Abdullah Abdul Mohsen Al Khodari and Sons Company and the National Agricultural Marketing Company in 2014.