HE The Chairman of the Capital Market Authority has issued a decision amending certain provisions of the Executive Regulation of the Capital Market Law.

The decision amended Article 156/1 of the Executive Regulation of the Capital Market Law with regard to trading by the staff of the company operating in securities  which provides for the terms and conditions for their trading on the market. Clause (1) of the Article was replaced as follows: “Trading shall only be through the company for which the staff is working and shall disclose this account to the company.”

The amendment included replacement of the text of Article 301 with regard to insider trading  as follows :” Insiders shall not deal in the securities of the issuer on the basis of undisclosed material information. Insiders shall not allow any other person access to any material information prior to disclosure.” 

The amendment cancelled the closed period prior to disclosure of financial statements (accounts closing period) and the legal liability will continue on the insider for dealing on the basis of undisclosed information at all times.

CMA asserts through the amendments continuation of follow up of practical application of the laws and regulations governing trading in MSM according to the developments to ensure fairness and protection of market participants from systemic risks for more efficient market with higher levels of investor confidence.