The Capital Market Authority,

The Capital Market Authority, the Monetary Authority and the Ministry of Trade and Investment launched an awareness campaign against the activity of (Forex)

The Capital Market Authority (CMA), the Saudi Arabian Monetary Agency (SAMA) and the Ministry of Trade and Investment are launching an awareness campaign to warn against dealing with suspicious websites that market to invest in securities without obtaining the required licenses from the relevant authorities, including Forex.

The campaign will include awareness messages from the three parties, as well as legal action against sites or individuals promoting this activity.

The public and securities dealers warn against dealing with suspicious websites whose activities may involve irregular activities, which, through their advertisements on the Internet and social media, promote investment opportunities and promises of financial gain and quick enrichment, which may expose many of their clients To fraud and material losses.

Based on the Saudi Arabian Monetary Agency (SAMA) Regulations issued by Royal Decree No. 23 dated 23/5/1377 and the CMA Law issued by Royal Decree No. (M / 30) dated 2/6/1424 H. In accordance with the statutory competencies of the Corporation and the Authority, As a result of the keenness of supervisors to raise awareness and caution against such suspicious transactions and activities, they stress the need to exercise the utmost caution and caution against falling into the risk of investing, contributing, dealing or trading any amounts in any securities activities or transactions with foreign currencies. Person, persons, institutions or persons (Including social media), without ascertaining their regularity and obtaining the necessary regulatory approvals or approvals from the supervisory authorities in the Kingdom of Saudi Arabia for the exercise of such activities and activities.

Lists of persons and licensees can be found on the Saudi Arabian Monetary Agency website (www.sama.gov.sa) and the CMA website (www.cma.org.sa)

In this regard, the CMA confirmed that it deals with the sites that promote the activity of (Forex) across three tracks, the first is to raise public awareness of the violation of these sites and the risk of investment in them and the Commission is working with the Saudi Arabian Monetary Agency to counter this activity, Awareness of the warning of dealing with unauthorized sites and suspicious sites that promote financial investment or investment in securities.

The second track, in which the CMA is moving, is coordination with the competent government authorities to limit the phenomenon by not licensing the sites or companies in which it operates and not allowing it to advertise or sponsor the parties or events in the Kingdom. The third track is to invite the persons to whom this investment is offered or to be marketed by a person in the Kingdom to inform the Commission so that the Commission shall take the necessary procedures with the relevant authorities in accordance with the jurisdiction.

The CMA explained that a number of Internet sites have been closed in coordination with the relevant authorities. However, due to the ease of establishing new sites, the Authority confirms that the best way to reduce them is to raise awareness of their risks.