Media ININ Economy We Trust
Media In – Abu Dhabi January 17, 2018 WAM
The Board of Directors of the Securities and Commodities Authority (SCA) imposed new penalties on violators of investors and companies in three cases determined by the resolution, which will come into force after being published in the Official Gazette.
The Executive Chairman of the Financial and Commodities Authority will issue a resolution containing the controls and procedures for implementing the provisions contained in the resolution.
In its first article, the resolution stated that, without prejudice to the original sanctions, the Commission has the right to impose sanctions in three cases, namely, failure to pay the prescribed fine and in case of delay in renewing the issued license and delay in providing the Commission with any of the required reports.
The sanctions list shall include a daily delay penalty, provided that the total fines do not exceed 100,000 dirhams, the temporary suspension of the license for a period not exceeding six months, the revocation of the license and the suspension of the investors from trading for a period not exceeding one year.
It is noteworthy that the issuance of the decision was based on the law of the Securities and Commodities Authority in addition to the decision of the Council of Ministers on the work of the Commission and the approval of the Board of Directors of the Commission at its meeting held on 29/11 -2017.
