1. Without prejudice to the penalties provided for in this Decree by Law, the Board shall issue a regulation specifying the violations, sanctions, and administrative measures applicable to acts contravening the provisions of this Decree by Law and the Relevant Legislation. The Cabinet and the Ministry of Finance shall be notified thereof. Such regulation shall include the Authority’s authority to impose one or more of the following sanctions and administrative measures: a. Written Notice; b. Warning; c. Financial fine not exceeding Two Hundred Million (200,000,000) Dirhams. d. Financial fine not exceeding tenfold the profit gained or loss avoided by the violator. e. Delay fine, in the event of non-payment of amounts due to the Authority, not exceeding the amount owed, or for breach of any of the obligations prescribed pursuant to this Decree by Law and the Relevant Legislation, not exceeding (5,000,000) five million Dirhams. f. Suspension of the violator from dealing in his/her own account, through others, or on behalf of others, for a period not exceeding (3) three years. g. Suspension of the violator from dealing in a specified Financial Product for a period not exceeding (3) three years. h. Suspension of any member of the Board of Directors, Executive Management, or employees of the Licensed Person for a period not exceeding (1) one year, or suspension from performing specific functions. i. Revocation of the Licensed Person’s license, approval, or registration for all Financial Activities or for a specified Financial Activity, or removal of any member of its Board of Directors, Executive Management, or prohibition of its employees from performing their duties. j. Suspension or removal of any member of the Board of Directors of the Issuer, its Executive Management, and employees, or deprivation thereof of membership, for a period not exceeding (3) three years. k. Suspension of the Approved Person from exercising one or more accredited functions for a period not exceeding (1) one year, or revocation of accreditation, or restriction of performance to certain functions. l. Prohibition of the Person from holding any position or employment with any licensed entity for a specified period. m. Suspension of any Financial Activity conducted without license, approval, or registration, closure of the premises where such activity is carried out, and suspension from performing any function undertaken without Authority authorization. The Authority shall, in all cases, have the right to seize any funds, documents, electronic or digital data, programs, systems, devices, or other electronic or digital tools related thereto, and to impose the appropriate sanction on the violator, whether a partner, member of the Board of Directors, Executive Management, or any other personnel, and to refer the same to the Public Prosecution. 2. The regulations of violations, sanctions, and administrative measures referred to in Clause (1) of this Article shall determine the authority to impose the sanction for acts in violation of this Decree by Law and the Relevant Legislation. 3. The Authority may engage law enforcement authorities or any competent entities deemed appropriate to implement its decisions as necessary. 4. The Authority may impose one or more of the sanctions or administrative measures specified in Clause (1) of this Article in the event of refusal, breach, or delay in executing any measure, sanction, or decision issued by the Authority. 5. The Authority may impose one or more of the sanctions or administrative measures on the Licensed Person for violations committed by its employees or persons affiliated therewith, without prejudice to any direct sanction imposed on the actual perpetrator of the violation. 6. The Authority may amend, withdraw, or revoke any sanction or administrative measure, or suspend its execution where justified at its discretion. 7. The Authority may impose any of the sanctions or administrative measures specified in Clause (1) of this Article on facts under investigation or review before judicial authorities. 8. The Authority may publish the names of violators and the sanctions and administrative measures imposed thereon on its official website or any other medium deemed appropriate, pursuant to the rules issued thereby. 9. The Authority may establish an advisory committee of experts and specialists from outside the Authority to provide opinions on the results of investigations into violations and on proposed decisions.
Interpretation and application must be checked against the official text and current version.