Investor protection and the civil liability for defective disclosures in the Saudi securities market: a legal analysis

TL;DRAbstract

The Saudi securities market has been suffering from the lack of transparency and disclosure credibility, which accounts for the market collapse in 2006 causing a loss of 50 per cent of the total market value and heavy losses for many investors. This disaster has triggered an effect on a large proportion of the population, and in several cases, death was recorded, and there were other instances where people became ill due to the stress of the situation. However, such investors have not yet been compensated. One main reason for this bad state of the market is the non-compliance with corporate disclosures requirements set out by the Capital Market Law 2003 (Saudi Arabia) (CML’03) and the regulations issued by the Capital Market Authority (CMA). This collapse was caused by widespread defective corporate disclosures. The aim of this thesis is to examine the civil liability regime for defective disclosures in the Saudi securities market from the perspective of investor protection. An analyti

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