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Article 122 Of Chapter 11
Section: Penalties and Disciplinary Actions

A punishment by imprisonment for a term of not more than five years and fine of not less than ten thousand Dinars and not more than one hundred thousand Dinars, or by either of these two penalties, shall be incurred by any Person who is proved to have intentionally committed one of the following acts:

1 - Behaves in a way that creates a false impression or misleads people concerning the actual trading in a Security or a Security Exchange through:

a) Entering into a deal in a manner that is not conducive to real change in the Security’s ownership;

b) Entering a purchase or sale order for a Security with the knowledge that a similar order in terms of size, price, time of sale or purchase for the same Security, has been or will be issued by the same Person or by Persons who act in agreement with that Person.


2 - Whoever concludes one or more deals concerning a Security, that would lead to:

a) An increase in the price of the Security for the purpose of encouraging others to purchase it.

b) A reduction in the price of the Security for the purpose of encouraging others to sell it.

c) Creating actual or fictitious trading for the purpose of encouraging others to purchase or sell. The Authority shall set the rules explaining the instances included in Clause (1/a) and Clause (2/c). Such rules shall specify practices to be exempted from the implementation of the provision of this Article.


* Article (122) 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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