CMA submits reports to Attorney-General on violations of its articles
The Capital Markets Authority announced on February 14, 2024, that it had submitted several reports to the Attorney General regarding instances of non-compliance with legal decisions by various entities. These reports were related to violations of specific articles within Law No. 7 of 2010 concerning the establishment of the Authority and its subsequent amendments.
One report detailed the failure of a listed company and its board members, as well as its former management and auditor, to comply with a final decision issued by the Disciplinary Council. Despite the decision being correctly announced on December 13, 2023, the parties involved did not pay the stipulated fine, reports Al-Jarida daily.
Another report highlighted similar non-compliance by a previously listed company, which failed to implement a final decision issued by the Disciplinary Council to pay a fine despite the decision being correctly announced on December 13, 2023.
Additionally, reports were submitted regarding the failure of a listed company and its former board members to comply with a final decision issued by the Disciplinary Council. Despite the correct announcement of the decision on November 15, 2023, the parties involved did not pay the required fine.
Furthermore, a report was filed against a previously listed company, its board members, and executive management for non-compliance with final decisions issued by the Disciplinary Council. Despite the correct announcement of the decisions on November 10, 2023, the fines were not paid as required.
Lastly, a report was submitted regarding a violation of Clause No. (1) of Article (127) of Law No. 7 of 2010. This report concerned a listed company’s failure to provide the Authority with access to important data and information. The company also did not disclose details of internal transactions with an associate company or provide a copy of the settlement agreement concluded with the associated company.
