RIYADH — Saudi Arabia’s Capital Market Authority (CMA) has detected two accounts on Twitter violating Article 49 of the Capital Market Law and Article 8 of the Market Conduct Regulations.

The two users posted tweets that involve circulating views and opinions with the purpose of influencing share prices of 18 companies listed on the Saudi Stock Exchange.

The CMA board took a decision to file a case against the two Twitter accounts and refer them to the Public Prosecution to take legal action against them.

“Besides the CMA's initiation of the procedures for control, inference and analysis of the tweets published by the holders of the two accounts, It was suspected that 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 pursuit of prosecuting manipulators in the capital market, to supervise their dealings, based on its powers under the Capital Market Law, and the advanced technology means it possesses that enable it to monitor all dealings and monitor suspicious cases and take the necessary legal procedures in accordance with the laws and regulations.”

The authority said it was determined to apply the Capital Market Law and its implementing regulations and protect the market from all sorts of illegal practices.

The General Secretariat of Committees for Resolution of Securities Disputes will announce to the public the identities of violators on its website upon the issuance of final decisions by the Committees for Resolution of Securities Disputes regarding criminal cases.

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