Article (54)

In addition to any other penalty stated in any other law, a Participant carrying out any activity subject to this Law without a license is liable to imprisonment for not less than one year or to a minimum fine of LE 100,000 but not exceeding LE 200,000 or to both.

Article (55)

In addition to any other penalty stated in any other law, any person who violates paragraph three of article 8 and articles 10, 28, 31, 43, and 46 of this Law, is liable to a minimum fine of LE 50,000 but not exceeding LE 100,000.

In addition to any other penalty stated in any other law, a person who discloses or benefits directly or indirectly from any information declared confidential by this Law is liable to imprisonment of not less than six months or a fine ranging from LE 50,000 to LE 100,000 or to both.

In addition to all penalties stated in this Law, the violator may be prohibited from carrying out its professional or business activities, or from carrying out any activity related to such violation, in either case for a period not exceeding three years. Such prohibition shall be mandatory in case of a recurrence of the violation.

Article (58)

The person responsible for the actual management of a company who violated this Law shall himself be subject to the penalties imposed for acts committed in violation of this Law. It must first be proven that such person was aware of such violation and if such violation of the duties of such person, imposed by such management, has contributed to this violation.

A company shall be jointly responsible for the payment of all monetary fines imposed if the violation is committed by any of its employees in the company’s name or its benefit.

Article (59)

• A criminal suit shall not be initiated in respect of the offences set forth in this Law, except upon the written request of the competent minister subsequent to the approval of the Chairman of the Capital Market Authority.
• The competent Minister may put an end to the criminal case with the defendant or the person found guilty of an offence, upon the payment to the Authority of a sum equal to an amount between the maximum amount of the fines and double that amount, or an amount equal to the benefits realized by the violator from such offence, whichever is greater.
• The general prosecution shall decide the period of imprisonment if the case is settled during the execution, even where the decision may not be appealed.