Article 10 Of Chapter 2
Section: Capital Markets Authority
The term of membership of the commissioner is four years, renewable for one term only, except for the first Board members, where only three of them can be renewed for a third term. A commissioner’s position becomes vacant in case of death, disability or resignation. Furthermore, the Commissioner shall lose his capacity and the seat thereof become vacant and a Decree shall be issued to end his/her membership in the following cases :
a) If a final judgment of bankruptcy is issued.
b) If he/she is charged with a definitive crime related to breach of honor or trust or with a freedom restricting penalty in a crime.
c) If he/she does not attend three consecutive meetings or six nonconsecutive meetings without a good reason acceptable to the Board.
d) If he/she violates the provisions of Articles 27 or 29 of this Law hereof.
e) If he/she intentionally violates the “code of ethics” laid down by the Board during its inception to specify the code of ethics and conduct for commissioners.
* Article No. (10) is amended pursuant to Law No. 108 of 2014 Amending Some Provisions of Law No. (7) of 2010 regarding the Establishment of the Capital the Markets Authority and Regulating Securities Activities.