CMA announces reward worth 20% of collected fines to whistleblowers
Saudi Arabia’s Capital Market Authority (CMA) has approved granting whistleblowers of the Capital Market Law violations an estimated reward of up to 20 percent of the value of the collected fines and financial penalties.
The new regulation related with penalties of the law violations and the reward for whistleblowers will come into force from June this year.
The authority has made some terms and conditions for the whistleblower to take advantage of the reward. It stipulated that neither the whistleblower nor any of his relatives should be working with the authority.The whistleblower shall not disclose any information related to the confidential information to others. The conditions also include that the authority should have collected the imposed fines and financial penalties, of which total value would be more than SR1million.
The new rules aim to regulate reporting violations of the provisions of the Capital Market Law and its executive regulations as well as the regulations of the financial market, the depositary center and the clearing center.
The regulations include fixation of financial rewards for whistleblowers, the terms and conditions for granting the reward, and the procedures that contribute to the protection of whistleblowers.
The authority has made some terms and conditions for the whistleblower to take advantage of the reward. It stipulated that neither the whistleblower nor any of his relatives should be working with the authority.The whistleblower shall not disclose any information related to the confidential information to others. The conditions also include that the authority should have collected the imposed fines and financial penalties, of which total value would be more than SR1million.
The new rules aim to regulate reporting violations of the provisions of the Capital Market Law and its executive regulations as well as the regulations of the financial market, the depositary center and the clearing center.
The regulations include fixation of financial rewards for whistleblowers, the terms and conditions for granting the reward, and the procedures that contribute to the protection of whistleblowers.