CMA approves regulations on violations reporting, reward at 20% of collected fines

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The Capital Market Authority's (CMA) board of directors approved regulations that aim to regulate the reporting of violations, which will come into effect on June 1, except for Article 10.

The rules aim to regulate the reporting of violations of the Capital Market Law and its executive regulations; as well as the regulations of the exchange, the Securities Depository Center (Edaa), or the Clearing Center, including the determination of financial rewards, reward conditions, and the procedures of protecting those who report violations.

Under the regulations, a reward of up to 20% of the collected fines and financial penalties will be granted on reporting violations.

The move comes as part of the CMA’s strategic objectives that aim to regulate and develop the capital market.