a. If it appears to the Authority that any person has engaged, is engaging, or is about to engage in acts or practices constituting a violation of any provisions of this Law, or the regulations or rules issued by the Authority, or the regulations of the Exchange, the Authority shall have the right to bring a legal action before the Committee to seek an order for the appropriate sanction. The sanctions include the following:
- Warning the person concerned.
- Obliging the person concerned to cease or refrain from carrying out the act which is the subject of the suit.
- Obliging the person concerned to take the necessary steps to avert the violation, or to take such necessary corrective steps to address the results of the violation.
- Indemnifying the persons who have suffered damages as a consequence of a violation that has occurred, or obliging the violator to pay to the Authority’s account the gains realized as a consequence of such violation.
- Suspending the trading in the Security.
- Barring the violating person from acting as a broker, portfolio manager or investment adviser for such period of time as is necessary for the safety of the market and the protection of investors.
- Seizing and executing on property.
- Travel ban.
- Barring from working with companies whose Securities are traded on the Exchange.
b. The Authority may, in addition to taking the actions provided for under paragraph (a) of this Article, request the Committee to impose a financial fine upon the persons responsible for an intentional violation of the provisions of this Law, its Implementing Regulations, the rules of the Authority and the regulations of the Exchange. As an alternative to the foregoing, the Board may impose a financial fine upon any person responsible for the violation of this Law, its Implementing Regulations, the rules of the Authority and the regulations of the Exchange. The fine that the Committee or the Board can impose shall not be less than SR 10,000 and shall not exceed SR 100,000 for each violation committed by the defendant.
