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Executive Bylaws - CMA

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Executive Bylaws

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  • February 17
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3-3 Cases of Committing the Crime Set Forth in Article (122), Paragraph (2/c) Of Module Fourteen: Market Conduct
Section: Chapter Three: Fraud and Manipulation in the Exchange
  • Wednesday, 15 February 2017

    The crime set forth in Article (122), paragraph (2/c) of the Law will be committed in the following cases: 1. Concluding transactions on a listed Security, in order to give false impression about the activity or price of such Security, in cases other than those in which the Market Maker exercises its activities in accordance with the rules governing its activity. 2. Concluding transactions on a listed Security, in order to affect the closing price of the same listed Security and mislead traders. 3. Concluding transactions by a Person or amongst Persons working in collusion with each other, in order to affect a listed Security, which have the effect of fixing purchase or sale prices at a certain level or creating other unfair trading conditions. 4. A Person has a significant influence over the supply of, or demand for, a listed Security acting through selling or purchasing for the purpose of positioning at a distorted level the price at which other Persons have to deliver their security. 5. A Person or more Persons in collusion with each other concluding transactions on a listed Security or more, in order to manipulate with the market index or with the price of another relevant listed Security. 6. If the same Person concludes transactions in a frequent and contradictory manner, and at convergent times, and constitutes a significant percentage of the trading of a listed Security, especially if this is associated with a noticeable market change on the price of such Security, excluding the Market Maker who carries out its activity in accordance with rules governing its activity.

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