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Administrative Sanction
 

Procedures

 

Any person licensed, approved or registered under the Securities and Exchange Act of 1992, the Derivatives Act of 2003, the Trust for Transactions in the Capital Market of 2007, the Provident Fund Act of 1987 and the Royal Enactment on Special Purpose Juristic Persons for Securitization of 1997 must have qualifications and comply with the criteria specified under those Acts. 

 

In cases where the above person lacks qualifications or fails to comply with the specified criteria, the SEC, the Administrative Panel, the SEC Board or the Finance Minister, as the case may be, may issue a rectification order or an administrative order which includes probation, administrative fine, suspension or revocation of license, approval or registration.

 
 
 

Any person affected by an administrative order may file an appeal according to the following procedures:

 

1. In case of an appeal against an administrative order issued by the SEC under the Securities and Exchange Act of 1992, the Provident Fund Act of 1987 or the Royal Enactment on Special Purpose Juristic Persons for Securitization of 1997:

 

The affected person may file the appeal with the SEC within 15 days from the date on which such person has been informed of such order.

 

The SEC shall, within 30 days from the date on which it has received the appeal, notify the appellant of its consideration.

 

If the SEC agrees with the appeal, it shall revoke or amend its order but if disagrees, it shall submit the case to the SEC Board for consideration.

 

If disagrees with the SEC Board’s consideration, the appellant is entitled to file a case with the Administrative Court within 90 days from the date on which the appellant has learned or should have learned of the SEC Board’s consideration.

 
 
 

2. In case of an appeal against an administrative order issued by the SEC or the Administrative Panel:

 

Under the Derivatives Act of 2003:

 

The affected person may file the appeal with the SEC Board within 15 days from the date on which such person has been informed of such order.

 

Under the Trust for Transactions in the Capital Market of 2007:

 

The affected person may file the appeal with the SEC Board within 30 days from the date on which such person has been informed of such order.

 

If disagrees with the SEC Board’s consideration, the appellant is entitled to file a case with the Administrative Court within 90 days from the date on which the appellant has learned or should have learned of the SEC Board’s consideration.


 

3. In case of an appeal against an administrative order issued by the SEC Board or the Finance Minister:

 

The appellant is entitled to file a case with the Administrative Court within 90 days from the date on which the appellant has learned or should have learned of the SEC Board’s or the Minister’s consideration.

 

Click here to view a flowchart of the Administrative Sanction Procedures.

Last updated on 17 April 2014
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