Saudi Arabia's Capital Markets Authority (CMA) announced at the weekend that it has acted against 44 senior executives at 35 companies who traded their own companies' shares ahead of quarterly and annual profit announcements.
According to the CMA, eight of the cases concerned suspected insider trading, and may lead to the expulsion of the board members in question, travel bans, or custodial sentences. The Authority has declined to specify what fines the executives in question may additionally face.
The crackdown on such activities has been welcomed by many within the finance industry, who argue that it shows that the regulator means business.
However, speaking to Reuters this week, financial consultant Salim Ghalayini praised the move, but argued that:
"They (the CMA) should definitely disclose the amount of the fines. There is no reason to hide the amount, to show people they are serious about it."
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