Imposition of a Fine on Bank Albilad, due to the Violation of the Capital Market Law and a CMA Board circular

Monday, July 15, 2019 at 4:39 PM

Mon Jul 15, 2019 16:39

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (10.000) Ten Thousand Saudi Riyals on Bank Albilad due to its violation of paragraph (b) of Article (46) of the Capital Market Law and the CMA circular number (S/7/5/5977/18) dated 20/09/2018G. Where the Bank did not provide the Capital Market Authority with a number of information related to it, for the fiscal year ended on 31/12/2018G within the specified period for it, according to the schedule attached to the circular, not later than 40 calendar days from the end of its fiscal year, which is dated 09/02/2019G. Further, the Bank did not provide such information until 28/05/2019G.