CMA Capital Market Law (FDL 33/2025)chapter by chapter

Article 6, 9Licensing Before Financial Activity

No person may be registered or licensed for a financial activity without CMA approval; licences last the CMA-set duration, must be renewed, and material changes must be notified immediately.

Article 10Board and Executive Management Approval

Licensed Persons must obtain CMA prior approval before nominating or appointing directors, renewing their membership, or appointing Executive Management, and remain liable for employees and outsourced third parties.

Article 12Obligations of Licensed Persons

Licensed Persons and employees must operate within licence limits and conditions, supply requested information to the CMA on time, manage and disclose conflicts, and meet competence and suitability standards.

Article 13Financial Services Agreement

Licensed persons must govern client relationships through a written agreement compliant with legislation, as non-compliant terms are unenforceable and dealings with unlicensed persons are not enforceable before the CMA.

Article 14Client Money and Securities Segregation

Licensed Persons must segregate their own funds from client funds, keeping client assets protected from pledge, attachment, bankruptcy and liquidation claims against the Licensed Person.

Article 16Close Links Notification

Licensed persons must notify the CMA of close links with group or related entities, confirming no supervision impairment and counterpart fitness; CMA may require termination or amendment.

Article 17Suspension or Cancellation Request

A Licensed Person requesting suspension or cancellation must apply in writing; suspension is capped at 12 months, after which an inactive licence is deemed cancelled.

Article 22-27Capital Market Institution Obligations

Capital Market Institutions must keep qualified executive management, maintain systems and data preservation, protect confidentiality, file reports on CMA deadlines, maintain business continuity plans and manage risk.

Article 28, 30Offering and Listing

Public or private securities offerings must follow CMA resolutions, foreign or free zone entities need CMA approval to offer securities in the State, and public joint stock companies must list their shares on a market.

Article 33Issuer Disclosure Obligations

Issuers and Foreign Issuers must file financial reports by set deadlines, ensure accurate disclosure, provide reports to security holders on request, and promptly notify the regulator or market of material information.

Article 35-36Insider Dealing Disclosure and Blackout

Directors, executive management and insiders of listed issuers must disclose their dealings and avoid trading in prohibited blackout periods; insiders must not disclose inside information.

Article 37Market Abuse Prohibitions

No person may manipulate prices or volumes, create false markets, spread false or misleading statements or rumours, trade on or disclose inside information, or exploit position-derived information.

Article 50Obligation to Disclose to the CMA

Any person subject to the CMA law must provide requested information, documents or reports within the CMA's deadline, and must not conceal or falsify information.

Article 60Whistleblowing Channel

Suspected violations may be reported to the CMA, capital market institutions, employers, compliance officers or prosecutors, with reporters protected from liability and adverse employment action and identity kept confidential.

Article 63, 69Appeal Against CMA Decisions

Appeals against CMA sanctions, administrative measures and decisions go to the CMA Appeals Committee within 30 days of notification; a stay of execution may be requested where serious irreparable harm is shown.

Article 67Rectification of Violations

The Capital Market Authority may order violators to rectify breaches within a set period, impose sanctions for non-compliance, and monitor rectification at the violator's expense.

Article 83Regularisation of Status

Entities and persons subject to the Capital Market Law and relevant legislation must regularise their status within one year of entry into force, by 1 January 2027, extendable by the Board.

Article 27-retRecord Retention — Records, documents and data of Capital Market Institutions

Capital Market Institutions must keep their records, documents and data, with the retention period not stated in the extracted text and set by CMA record keeping rules, triggered by transaction date.