Article 10 of Capital Markets Authority Law

A commissioner’s term of membership shall be four years, renewable for one term, except for members of the first Board of Commissioners, only three of whom may have their membership renewed for a third term. A commissioner’s seat shall become vacant upon death, incapacity or resignation. A commissioner shall also lose his capacity, his seat shall become vacant, and a decree terminating his membership shall be issued in the following cases: a - If a final judgment declaring him bankrupt is issued. b - If he is convicted by a final judgment of an offence involving dishonour or breach of trust, or sentenced to a penalty restricting liberty for a felony. c - If, within a single year, he fails to attend three consecutive meetings or non-consecutive meetings without an excuse acceptable to the Board of Commissioners. d - If he breaches the provisions of Article 27 or Article 29 of this Law. e - If he intentionally violates the code of honour established by the Board of Commissioners upon its first formation, whereby it defines the rules of conduct and ethics of commissioners.