Saudi Arabia’s CMA Suspends the License Granted to 99Hlala Capital Company

The Board of the Capital Market Authority issued its resolution to suspend the license granted to 99Hlala Capital Company (Previously named as Maceen Capital) to conduct Dealing as Principal, Underwriter, Investment Fund Management, Discretionary Portfolio Management, Arranging, Advising and Custody activities in the securities business, for the safety of the market and the protection of investors.

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This comes in the context of the CMA's efforts to ensure the safety of the market and the protection of investors, which enhances participants' confidence in the market.

The CMA is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister.

The CMA's functions are to regulate and develop the Saudi Arabian Capital Market by issuing required rules and regulations for implementing the provisions of Capital Market Law. The basic objectives are to create an appropriate investment environment, boost confidence, and reinforce transparency and disclosure standards in all listed companies, and moreover to protect the investors and dealers from illegal acts in the market.