Riyadh: Saudi Arabia’s Capital Market Authority (CMA) has detected two Twitter accounts violating Articles 49 and 8 of the Capital Market Law and the Market Conduct Regulations.
The two users posted tweets that involved circulating views and opinions to influence the share prices of 18 listed companies.
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The CMA board has decided to file a case against the two Twitter accounts. It has referred the matter to the Public Prosecution for legal action against them.
“Besides the CMA’s initiation of the procedures, it suspects these tweets were intended to influence the share prices of some companies,” a CMA resolution said.
The CMA stressed that “it will not hesitate in prosecuting manipulators in the capital market.”
The authority said it was determined to apply the Saudi Capital Market Law and its implementing regulations to protect the market.
The General Secretariat for Resolution of Securities Disputes will disclose the identities of violators on its website.
The announcement is subject to the final decisions by the Committees for Resolution of Securities Disputes.