This question is answered by the capital markets team in RHR for advocacy and legal advices according to what is stipulated on Money markets authority establishing and security regulation law and its executive regulation.
Firstly, the official claims are submitted about offences and violations stipulated on Money markets authority establishing and security regulation law and its executive regulation, to the executive manager of the Money markets authority, supported by documents and evidences, which justify submitting of the reporter, to represent the claim.
The executive manager has the right to handle the claims submitted to the Money markets authority by one of the following acts:
- Halt the Claim:
This would be in the case that the facts in question are proven incorrect, or that it does not constitute an offence or violation within the scope of implementation of the provisions of law or its executive regulation, or the facts were extinctively prescripted by the disciplinary charge, or it was previously investigated and adjudicated, or it couldn’t be attributed to a specific person due to insufficiency of evidence.
It is also allowed to dismiss the claim for insignificance if the facts in question are facile, and doesn’t worth keeping in responsibility determination about it, also the appropriateness and public interest considerations require disregarding of it.
- Referral to A Disciplinary Board:
This would be in the case of finding the facts in question, and those facts constitute a disciplinary offence of the law provisions, any system, regulation, decision, or instructions issued by the Money markets authority.
If the investigations disclosed validation of evidences on violation, the authority is allowed to refer the offender to a disciplinary board, and the executive manager of the authority issues a decision of referral to disciplinary board attached by the documents, related investigation record, the disciplinary board decides in the referred violation, also the board, and interested parties should be announced through seven working days duration from the date of issuing the disciplinary board decision.
Besides, it is allowed to the authority just to warn the violator to give up offence along with a pledge not to repeat it in the future, it is also allowed to subject him to more supervision. In the case of halting the investigation, the person who is referred to investigation should be announced by halting decision, and he has the right to render a statement of that from the authority.
- Report the General Prosecution:
This would be in the case of finding the facts in question, and those facts constitutes a summary offence of the stipulated offences on the law.
It is also permitted to combine between referral to disciplinary board and reporting the general prosecution, whenever the facts in question constitutes disciplinary violations and summary offences same time.
Besides, in all cases, the executive manager is assigned to represent the result warrant, accompanied by the necessary recommendation on the board of delegators, to decide its opinion about it.
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