How To Report Crimes And Violations Related To Securities Activities

What are the conditions that must be met in reporting crimes and violations related to the law establishing the Capital Markets Authority and regulating securities activities and its executive regulations? What are the whistleblower protection guarantees?

The regulation of the law establishing the Capital Markets Authority stipulates that in reporting crimes and violations related to securities activities, the whistleblower must have serious evidence to justify his belief in the validity of the reported incident.

Conditions that must be fulfilled in the report

The report is submitted to the Executive Director of the Capital Markets Authority and must meet the following conditions:

  1. It shall be in writing and affixed to the signature, name of the applicant, his capacity, date of submission, address, means of contact with him and his telephone numbers. The reporter may attend in person to the Capital Markets Authority and submit the report orally, provided that the concerned employee writes a report on it.
  2. It should include a sufficient explanation of the facts of the crimes and violations reported, the time and place of their occurrence, the source, the manner and the occasion that made him aware of or aware of the reported incident, the names and capacities of the persons against whom they were reported, and any other information or evidence supporting the incident.
  3. To attach to it what is in his possession of documents or documents supporting the reported incident.
  4. It should indicate its relationship with the whistleblower against them and whether he had previously submitted a complaint against them in any party and what was done in it.

If the report does not meet the previous conditions, the legal department of the authority will propose to keep it according to the mechanism taken by the council, or it will be referred to other competent authorities, as required by each case. Followed by the notification that fulfills its conditions.

Reports log

A special register shall be prepared in the Capital Markets Authority to record the reports received by the Executive Director, who shall refer them to the competent employee, and this employee records them in a report. And what was done about it.

Investigation of the Reports

The Legal Department undertakes the investigation of communications and guidance regarding a request to investigate them, collecting information and documents to ensure their validity, and expressing an opinion on them in terms of their preservation, preliminary investigation, referral to another entity, or submission to the Executive Director of the Capital Markets Authority.

When necessary, the whistleblowers and witnesses may give their statements using communication technology, video and other means and applications that ensure their confidentiality and safety. Witnesses and those affected by crimes and violations shall be considered as reporting and enjoy the same protection if they testify related to facts about that.

Protect the reporter

The Commission may provide protection to the reporter and witnesses by concealing the identity and replacing it with special codes. The Commission shall prepare secret records containing the original data of each person whose identity it decides to conceal or protect, and shall be kept in a manner that guarantees its confidentiality and shall not be disclosed except by a decision of the Commission or the competent court. The authority may adopt any other necessary measures or procedures it deems necessary to provide the necessary protection to the reporter or witnesses.

No action may be taken against the reporter by his employer that changes his legal or administrative status, detracts from his rights, deprives him of them, or distorts his standing or reputation, or any other measures or procedures that may harm him; Because of his role in detecting crimes and violations stipulated in the law.

Whoever takes an action against the aforementioned person due to his reporting of one of the crimes stipulated in the law, shall be disciplinary accountable. The amount may not be recourse to a penal, civil or disciplinary action, as long as he believes in good faith the validity of the incident reported, regardless of the outcome of that communication, and the reporter is not exempted from criminal, civil and disciplinary accountability if the submission of the report constitutes one of the crimes stipulated in the law or any other law

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