Reconciliation with Money Markets Authority in The Securities Activity Offences

Is it Permitted to Reconcile with the Money Markets Authority in the Case of Committing an Offence of The Offenses Set Forth in The Money Markets Authority Establishing and Security Activity Regulation Law No. 7 for The Year 2010?

According to the executive regulation for the law No. 7 for the year 2010 it is permitted to the Money markets authority at any stage of the sanction lawsuit stages and until it issues an absolute judgment, to offer reconciliation or acceptance of it with any person who committed one of the offences stipulated in the law.

And reconciliation with the Money markets authority for an amount with no less than the minimum prescribed fine and no more than its maximum, and it is a condition for reconciliation of the offences stipulated in the articles 122, 124, 126, 127 of the law besides paying the return set to reply the value of any realized benefit or avoided loss, and the accused is not a retained.

And the authority determines the time limit which should through the accused fulfil the terms of reconciliation according to those rules, and in case of reconciliation fulfillment the sanction lawsuit expires.

How to Submit The Reconciliation Request?

The reconciliation request is being submitted from the defendant or his legal representative to the Money markets authority, and the authority takes over studying the reconciliation request and evaluating the reconciliation value, and in the case of reconciliation multilateralism (as the authorized person and the parties) and others have a benefit or rights to reconcile, it should be considered the approval of all parties on the reconciliation agreement.

In the case of the authority approval on the reconciliation request, it should be arranged written articles and conditions as to include a time limit for fulfillment of the reconciliation conditions agreed through the time limit determined by the authority, and to inform the competent judicial authority by the completion of the reconciliation process fulfillment and publish the reconciliation decision in the authority website.

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