SAUDI ARABIA

15.7% fall in rate of complaints received by CMA in 2022

May 17, 2023
The CMA noted that it had settled 11,354 complaints out of the total 12,118 complaints received during the last year.
The CMA noted that it had settled 11,354 complaints out of the total 12,118 complaints received during the last year.

Okaz/Saudi Gazette

JEDDAH The Capital Market Authority (CMA) had received a total of 12,118 complaints during the year 2022 and this figure recorded a decrease of 15.7 percent compared to the previous year.

In its annual report for the year 2022, CMA noted that it had settled 11,354 complaints out of the total 12,118 complaints received during the last year. Another 512 complainants were notified to the Committee for the Resolution of Securities Disputes, while there are still 252 complaints under the study of the authority. The report showed that there has been an increase of 1,653 in the number of notifications received by the authority during last year.

Regarding the judicial side, the report noted that the amounts of compensation awarded and issued by final decisions of the committees for the settlement of securities’ disputes under CMA amounted to SR1.75 billion, and this records an increase of 377.7 percent compared to the year 2021.

The authority granted 17 licenses for four financial technology experiment models, including seven licenses granted for models for the distribution of investment funds and real estate investment funds, five licenses for the automated advisor model, four licenses for offering and investing in debt instruments, and one license for collective ownership financing model, bringing the total number of 29 licenses issued by the end of 2022.


May 17, 2023
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