Saudi CMA Collected 58% of SAR 179M in 2025 Fines

The Saudi Capital Market Authority enforced penalties against 255 violators in 2025, collecting SAR 103.9 million of the SAR 179.1 million in fines imposed. The figures come from the regulator's annual report.

Board members and senior executives topped the list with 108 violators, and 82.4% of those penalties were enforced. Investors accounted for 97 violators, with only 63.9% of their penalties collected. Capital market institutions had the highest enforcement rate at 95.5%, with 44 violators.

The fines themselves tell a different story. Investors faced the largest total fines at SAR 154.4 million. Only 53% of that amount was collected. Senior executives saw SAR 9.4 million in fines with a 75% collection rate. Institutions were fined SAR 14.2 million.

Market conduct regulations drove the bulk of the penalties. Fines under those rules totaled SAR 138.9 million, or 78% of all fines imposed. Collection on those was 56.3%.

The low collection rate for investor fines raises questions about the effectiveness of the deterrent. The CMA noted that the remaining cases are under follow-up for enforcement. Six decisions against listed companies were enforced, though the report did not name them.

For investors in Saudi-listed stocks, the enforcement pattern matters. The regulator is targeting insider trading and market manipulation under the conduct rules. Companies with weak compliance cultures may face higher scrutiny. The 95.5% enforcement rate for institutions suggests the CMA is more effective at going after firms than individuals.

The 2025 numbers continue a trend of stepped-up enforcement. The CMA has been expanding its surveillance capabilities. The next annual report will show whether collection rates improve.