CMA LAW: "Licensed Person Dealing with Clients Complaints"

As the Capital Markets Authority is keen on regulating securities' activity and ensuring compliance with relevant laws and regulations, in addition to raising the public awareness in such matters; the CMA would like to draw the licensed persons' attention to the importance of abiding by laying down written procedures to ensure the appropriate and prompt dealing with the client's complaints.  Additionally, the Executive Bylaw of Law No. (7) of 2010 regarding the "Establishment of Capital Markets Authority and Regulating Securities' Activity" has recognized the clients' complaints. It has obliged the licensed persons to have written procedures in order to deal with such complaints and follow the corrective procedures if it found any mistake.

Therefore, the CMA has issued on 2/7/2012 its "Regulations No. (C.M.A/S.S/S.C.M/4/2012) to all Licensed Persons Regarding Clients Complaints". They include preparing a written procedures manual to deal with the clients' complaints, and assigning a person to be responsible for dealing with such complaints, in addition to investigating the subject matter of the complaint and submitting a monthly report to the CMA in accordance with the assigned form.

Thus, the CMA reminds all licensed persons of the importance of abiding by the provisions of Law No. (7) of 2010 regarding the "Establishment of Capital Markets and Regulating Securities' Activity", its Executive Bylaw and other implemented regulations, in addition to paying proper attention to the clients' complaints in order to establish a fair and transparent environment.    

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