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Article 18 Of Chapter 2
Section: Capital Markets Authority

The Authority shall have an independent budget promulgated by a Law, to be prepared in accordance with the rules to be set out in the Bylaws taking into account the provisions of Decree-Law No. (31) of 1978 on the Rules for Preparing Public Budgets, Monitoring their Execution and Final Account. The financial year shall commence on April 1st and conclude on March 31st every year. The Bylaws shall set out the financial policies and procedures for the disposition of the Authority’s funds, and for book-keeping systems to regulate its operations and monitor its accounts. The Chairman of the Board of Commissioners shall have the competences of the Minister of Finance regarding the provisions of the mentioned Decree-Law.


* Article (18) is amended pursuant to Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities.

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  • CMA Law