Title: The Capital Markets Authority Announces Filing a Report with the Prosecutor General Regarding the Occurrence of a Crime
The Capital Markets Authority announces filing a report with the Prosecutor General on 11/09/2023 regarding the occurrence of the crime stipulated under Articles No. (209) of Law No. 16 of 1960 promulgating the Penal Code, the crime stipulated under Article (125) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, and the crime stipulated under Item (5) of Article (21) of Law No. 3 of 2006 Regarding Press and Publications, criminalized by the provision of Article (6) of Law No. 63 of 2015 Regarding Combating Cyber Crimes the (“Cybercrime Law”). The defendant, through his account on X Application (formerly known as Twitter), published several posts during August 2023, containing false claims. The individual falsely accused the CMA of taking actions that it did not actually undertake, and publicly alleged that the CMA does not consider the public interest in its work. Such actions can mislead the public and the market participants subject to the CMA’s supervision, undermine the country’s economic situation, and erode confidence in the regulatory role of the CMA in the securities activities.