Understand, Implement and Comply
- The Capital Markets Law ("CML") was issued as Law no. 7 of 2010 governing "Establishing a Capital Market Authority and Regulating Securities Activities." This authority is called the 'Capital Markets Authority' ("CMA"), mandated with the task to issue the necessary bylaws and instructions to execute the CML.
- The Authority aims to organize the securities business in line with the principles of equity, efficiency, competitiveness and transparency.
- The CMA on 13th March 2011, developed executive regulations for effective implementation of CML, with focus on organizing the business of securities, disseminate to public - benefits, risks and obligations of trading in securities, implement full disclosure, prevent conflicts of interest and ensure compliance with CML.
- RSM Albazie & Co. ("AB") aims to assist the companies in meeting the CMA requirements with respect to Organized Securities Activities and would determine the approach based upon the nature and characteristics of each subject Company, and the specific requirements of the Company.
CMA's Licensing Function:
- Issue necessary regulations & instructions to implement CML;
- Issue licenses for stock exchanges, clearing agencies & related activities;
- Issue licenses for businesses, funds and investment advisory firms and registered functions;
- Oversee capital raising (public and private), new fund offering and M&As;
- Develop rules, regulations for effective functioning of securities market and its participants.
CMA's Administering Function:
- File lawsuits for violation of the CML;
- Receive complaints filed regarding infringements and crimes, investigate and appropriately dispose of lawsuits;
- Unearth wrongdoings & refer the same to public prosecution;
- Impose fees, fines & penalties on violation of CML.