CMA LAW: Capital Markets Authority Announces Reporting Suspected Crime to the Capital Markets Prosecution

The Capital Markets Authority announces reporting to the Capital Market Prosecution on 10/05/2023 the suspicious occurrence of the crimes of disclosure of secrets and trade based on insider information stipulated in Articles No. (118 and 119) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments. One of the defendants – an insider in a listed and licensed company – disclosed inside information related to the company’ directions of the mechanism of managing its clients’ funds and its investment decisions of purchase and sale, and gave an advice based on such inside information to three traders which resulted in achieving gains in an unlawful way and inflicting harm to the accounts affiliated with this company.

Taking into consideration that the Capital Market Prosecution is the entity that is concerned with the investigation, disposal, and prosecution in capital markets’ crimes. 

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