Article 122 of Capital Markets Authority Law

Anyone proven to have intentionally committed any of the following acts shall be punished by imprisonment for a term not exceeding five years and a fine of not less than ten thousand dinars and not more than one hundred thousand dinars, or by either of these two penalties: 1 - Engaging in conduct involving the creation of a false or misleading appearance and impression concerning actual trading in a security or the securities market by:- a - Entering into a transaction in a manner that does not result in an actual change in ownership of the security. b - Entering an order to buy or sell a security, knowing that a corresponding order in terms of volume, price, and time of sale or purchase of that security has been or will be issued by the same person or by persons acting in agreement with that person. 2 - Anyone who concludes one or more transactions in a security that would:- a - Raise the price of that security of the same issuer, with the aim of inducing others to buy it. b - Lower the price of that security of the same issuer, with the aim of inducing others to sell it. c - Create actual or fictitious trading with the aim of inducing others to buy or sell. The Authority shall establish rules specifying the cases in which the acts stipulated in Law Index 1368 Home Page Capital Markets Authority Law Law No. 7 of 2010 Concerning the Establishment of the Capital Markets Authority and the Regulation of Securities Activity items 1/a and 2/c occur, and those rules shall specify the legitimate practices excepted from the application of the provision of this Article.