In the event that the Capital Markets Authority has evidence of the commission of one of the crimes stipulated in the law establishing the Capital Markets Authority and Regulating Securities Activity, the Authority shall issue a decision to refer it to the Capital Markets Prosecution, and the Authority prepares a report to the Capital Markets Prosecution including the facts related to the crime and the articles of law that have been completed. Violation thereof, and the name of any person found to have committed or participated in the crime.

suspension of work

The Public Prosecutor may by a decision from him or upon a request from the Capital Markets Authority or the employer, if the interest of the investigation requires, to temporarily suspend from work, position, or practice of the profession anyone who has been investigated by the Capital Markets Prosecution for one of the crimes stipulated in the law. Anyone who has been referred to the criminal court may, during the trial procedures, order otherwise, at the request of the stakeholder or on its own initiative.

precautionary measures

If the attorney general has sufficient evidence regarding a person or group of persons that he has committed a criminal act in accordance with the law, or at the request of the Capital Markets Authority or its authorized representative, he may order to prevent him from traveling and disposing of and managing his money as well as taking all precautionary measures in In this regard, with regard to all or some of the money that is under the accused’s or someone’s hand, without prejudice to the right of the authority or anyone who has an interest in taking all precautionary judicial measures.

The Public Prosecutor may take the same measures with regard to the funds of the accused’s minor children or spouse. It is permissible to appeal against this decision before the competent court within twenty days from the date of its issuance.

The Public Prosecutor shall take a decision regarding the commission’s request to prevent the accused from traveling and disposing of and managing his money within twenty-four hours from the time of his submission. In the event that the application is rejected, the rejection must be justified. Within fifteen days of the attorney general’s decision, the authority may file a grievance before the competent court. The court must decide on this grievance expeditiously.

In the event that the accused is prevented from managing his funds, the attorney general shall appoint a manager to manage the funds that were prevented from being managed based on a nomination from the authority, which defines, in a statement, the duties, powers and controls of the work of this manager.

The value of the seized funds may not exceed the value of the maximum financial penalty that can be imposed on the accused, and the attorney general or the court may seek the assistance of the authority in estimating the value of the benefit obtained by the accused.

The Public Prosecutor or the court may, at the request of the authority or any interested party, lift the precautionary measures if the accused provides sufficient guarantees acceptable to the authority or the court.

If you are looking for a Kuwaiti law firm that specializes in providing legal services to the securities, capital and stock market activities, you can count on us at Taqneen, Law Firm and Legal Consultations.

To book an appointment or request legal advice about the duties of securities companies in the optimal implementation of clients’ orders, we are pleased to receive your inquiries at (info@Taqneen.com).