CMA LAW: The Capital Markets Authority Announces Filing a Report with the Prosecutor General Regarding the Occurrence of Crime

The Capital Markets Authority announces filing a report with the Prosecutor General on 14/10/2024 regarding the occurrence of the crime stipulated in Article (125) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, the crime stipulated under Article (209) of Law No. 16 of 1960 promulgating the Penal Code, 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, and criminalized by the provision of Article (18) of Law No. 8 of 2016 Regarding the Regulation of Electronic Media. The first defendant, through his account on the social media platform  X (formerly Twitter), published a post containing false claims and a derogatory comment about the CMA. The post stated that the CMA’s Board of Commissioners had exceeded its powers and interfered  in the authorities, competencies, and decisions of the CMA’s Disciplinary Board, and that the actions of the CMA’s Board of Commissioners aimed to deprive traders of all the guarantees established by the legislator to protect them. The second defendant republished the claims made by the first defendant on the social media platform X (formerly Twitter) on 26/08/2024. This could jeopardize the CMA’s reputation, and adversely affect its credibility as a regulatory body overseeing securities activities and entrusted with protecting all persons dealing in the Exchange, which could undermine confidence in the country’s economic situation.

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