08/05/2016
Legal Adviser Mishari Bin Mikid bin Darwish stressed the prevention of practices that involve manipulation or misleading and trading ban on the basis of local informations in addition to the prohibition of the declaration of false statements in the financial market, noting that violators are wanted by penalties to prison of up five years in the case of fraud during the process of trading in the stock market.
During a lecture recently organized by Asharqia Chamber and represented by the legal management entitled ""the separation in financial disputes,"" Darwish said that it is prohibited for any person to perform or participate in any acts or practices involving the manipulation or misleading regarding an order or deal on a financial paper, if the person knows nature of this action or practice or when there are logical basics to allow him to know the nature of the act or practice.
Darwish said that to among the prevention of manipulation in the market is to ban anyone, directly or indirectly enter the order or implementing a Deal on a financial paper in order to form a false or misleading impression of the occurrence of trading activity in a security or interest in buying or selling or faking a request price or offering a financial paper or any related financial paper, pointing to the three types of suits are the damage defendant has the right to file (criminal ""penalty"" - civil- administrative).
During the lecture Darwish has talked about several axes, most prominently : the establishment and development of the financial market, and the authorities made by the financial market system, and the provisions of the Capital Market Law, the executive regulations issued by the Capital Market Authority.
He also reviewed the formation and specialty of committees in separation the securities disputes, and the types of cases of resolving disputes that are specialized by separating committees, the most important provisions of the procedures of resolving disputes, and the implementation of committees separation decisions in resolving disputes and the most important judicial principles in the decisions of resolving disputes, and practical applications to the cases of the financial market.
