|  | | 4/10/2026 11:11 PM |  حساب النظام | Pursuant to Article Twenty Five of the Capital Market Law, promulgated by Royal decree No. (M/30) dated 02/06/1424H, corresponding to 31/07/2003 | Pursuant to Article Twenty Five of the Capital Market Law, promulgated by Royal decree No. (M/30) dated 02/06/1424H, corresponding to 31/07/2003, the parties that have jurisdiction over the securities disputes are:
The Committee for the Resolution of Securities Disputes (CRSD).
The Appeal Committee for the Resolution of Securities Disputes (ACRSD).
| What are the parties that have jurisdiction over the securities disputes? | General | 1 |
| | | 4/10/2026 11:11 PM | حساب النظام | Pursuant to Article Twenty Five of the Capital Market Law, CRSD shall have jurisdiction over the following cases:
• Public actions, which are filed against the violators of the Capital Market Law and its implementing rules |
Pursuant to Article Twenty Five of the Capital Market Law, CRSD shall have jurisdiction over the following cases:
• Public actions, which are filed against the violators of the Capital Market Law and its implementing rules as well as the violators of CMA regulations, instructions and directives.
• Private actions, which are filed by investors against the authorized persons, or cases that may arise between the authorized persons themselves.
• Claims against decisions taken by CMA or the Capital Market.
• Actions of emergent nature that are brought before CRSD for immediate decision making. | What are the cases and matters that fall within CRSD responsibilities? | Resolutions committee | 2 |
| | | 4/10/2026 11:11 PM | حساب النظام | No complaint or statement of claim may be filed with CRSD without being filed first with CMA’s Department of Investors Complaints of Enforcement Department provided that: | No complaint or statement of claim may be filed with CRSD without being filed first with CMA’s Department of Investors Complaints of Enforcement Department provided that:
• A 90 days period has passed from the filing date after which he can directly approach CRSD.
• CMA notifies the grievant otherwise of the permissibility of submitting the case to CRSD before the expiration of this period.
• The grievant is notified by CMA of any of the above two matters.
| What do you have to do before filing a case with CRSD? | Resolutions committee | 2 |
| | | 4/10/2026 11:11 PM | حساب النظام | The competent staff at the Complaint Reception Office, at the Secretariat of CRSD, receive the pleading and attachments and refer them to the chairman of CRSD. | The competent staff at the Complaint Reception Office, at the Secretariat of CRSD, receive the pleading and attachments and refer them to the chairman of CRSD.
| Who will receive the pleading? | Resolutions committee | 2 |
| | | 4/10/2026 11:11 PM | حساب النظام | Yes, CRSD’s decisions may be appealed before ACRSD in accordance with Article Twenty Five, paragraph (f) of the Capital Market Law. | Yes, CRSD’s decisions may be appealed before ACRSD in accordance with Article Twenty Five, paragraph (f) of the Capital Market Law.
| Can CRSD’s decisions be appealed? | Resolutions committee | 2 |
| | | 4/10/2026 11:11 PM | حساب النظام | According to Article Twenty Five, paragraph (f) of the Capital Market Law, CRSD’s decision may be appealed within thirty days from receiving CRSD decision. |
According to Article Twenty Five, paragraph (f) of the Capital Market Law, CRSD’s decision may be appealed within thirty days from receiving CRSD decision. | Is there a specific time for depositing the appeal? | Appeals Committees | 3 |
| | | 4/10/2026 11:11 PM | حساب النظام | To file an appeal, it is required that:
• The appeal should be deposited within thirty days from receiving the copy of CRSD decision. | To file an appeal, it is required that:
• The appeal should be deposited within thirty days from receiving the copy of CRSD decision.
• A letter should be sent to the chairman of ACRSD specifying the appellant, appellee, CRSD decision number and date, reasons for the appeal and claims..
• The claimant or defendant should appear in person.
• Should the appeal be filed by a representative, it is required that the original power of attorney and a copy are presented. Furthermore, the power of attorney should indicate the representative’s right to file the appeal.
| What are the requirements for filing an appeal? | Appeals Committees | 3 |
| | | 4/10/2026 11:11 PM | حساب النظام | Pursuant to Article Twenty Five, paragraph (g) of the Capital Market Law, ACRSD shall have the discretion to:
• Refuse to review CRSD decisions. |
Pursuant to Article Twenty Five, paragraph (g) of the Capital Market Law, ACRSD shall have the discretion to:
• Refuse to review CRSD decisions.
• Affirm CRSD decisions.
• Undertake a de novo review of the complaint pr suit based on the record at the hearing before CRSD and to issue the appropriate decision. | What are the decisions that are passed by ACRSD? | Appeals Committees | 3 |
| | | 4/10/2026 11:11 PM | حساب النظام | CRSD and ACRSD are fully independent to discharge their duties. Article Twenty Five of Capital Market Law stipulates the formation of litigation bodies that are specialized in securities disputes and fully independent to issue decisions | CRSD and ACRSD are fully independent to discharge their duties. Article Twenty Five of Capital Market Law stipulates the formation of litigation bodies that are specialized in securities disputes and fully independent to issue decisions and pass verdicts complying with issued rules and regulations.
Thus, pursuant to the provisions of the law, CRSD and ACRSD became the competent litigating bodies in the resolution of cases between parties of disputes that arise among investors and broker companies as well as the regulating and executing bodies of the Exchange Market, all equally.
| Are CRSD and ACRSD functionally independent? | General | 1 |
