Title: Awareness Announcement Regarding the Mechanism of Submitting Grievances against the Disciplinary Board Resolutions at the CMA

As part of the Capital Markets Authority’s (CMA) responsibility towards enhancing the sound legal awareness of persons dealing in securities activities and investors, in order to be effectively protected, which is one of the CMA’s main objectives, and in implementation of the provisions of Article (147) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, which stipulates:

“Any Person, against whom a penalty from those penalties set forth under this Law, may appeal in writing before the Authority within fifteen days from the date on which he is notified of the decision in writing. The decision of the Authority to reject the appeal shall be final, but may be challenged before the Competent Court. Non-response to the appeal within one month from the date of submittal thereof shall be deemed to mean that the appeal has been declined.”

The CMA draws your attention to the importance of complying with the mechanism of submitting grievances against its Disciplinary Board resolutions according to the following procedures:

• The grievance shall be submitted within fifteen calendar days from the date of notifying the violator of the resolution, the first day of which shall be the day following the notification until the fifteenth day after this date.
• The grievance document may be submitted electronically or by hand to the General Register at the CMA during the regular working hours.
• The fee specified by law shall be paid to the Finance Affairs and Treasury Department by hand.
• In the event of submitting the grievance document by hand as described above, copy of the receipt of the fee specified by law shall be attached with it.

The CMA calls upon all licensed persons to comply with the provisions of its applicable legislations, and at the same time it calls upon all persons dealing in securities activities and investors to be acquainted with the importance of understanding the regulating procedures in order to save their effort and time and ensure the protection of their rights.