The Commission’s Financial Affairs
| Article (25) |
The Commission shall have an independent budget. Its fiscal year shall start on the first day of January of each year and shall end on the 31st day of December of the same year. |
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| Article (26) |
The Board shall present to the Council of Ministers, within the first three months of each fiscal year, an annual report summarizing the Commission’s activities during the preceding year accompanied by its balance sheet and closing accounts, certified by an auditor. |
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| Article (27) |
A- |
The Commission shall charge fees for the following: |
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1. |
The filing of a prospectus and registration of securities therewith. |
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2. |
The granting or renewal of any license or registration in accordance with the provisions of this Law. |
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3. |
The registration of the Mutual Fund. |
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4. |
The listing or approving of the trading in securities in the Financial Market. |
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The membership at the Center of Public Issuers and public shareholding companies. |
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6. |
The trading in securities and the transfer of its ownership. |
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B- |
The amount of the fees provided for in Paragraph (A) of this Article shall be determined according to regulations issued pursuant to the provisions of this Law. |
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| Article (28) |
The Commission’s financial resources shall consist of the following: |
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A- |
The fees, service charges, and commissions charged in accordance with the provisions of this Law, the regulations and instructions issued pursuant thereto. |
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B- |
The fines imposed by the Board pursuant to the provisions of this Law, or by the Courts. |
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C- |
The charges for the use of the Commission’s facilities, returns on the Commission’s investments, and proceeds from the sale of the Commission’s assets. |
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D- |
Assistances, donations, grants and any other revenues received by the Commission provided they are approved by the Council of Ministers. |
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E- |
Amounts allocated by the Government to the Commission in the General Budget or for covering a deficit in the Commission’s revenue and expenditures account. |
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| Article (29) |
A- |
Notwithstanding what is stated in any other legislation, all fees, charges and commissions charged by the Commission, as well as fines imposed by the Board or Courts pursuant to the provisions of this Law and the regulations, instructions and decisions issued pursuant thereto, shall devolve to the Commission. |
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B- |
Any deficit occurring in the revenues and expenditures account for any fiscal year shall be covered by the Government. |
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| Article (30) |
The Commission’s accounts shall be monitored by the Audit Bureau. The Board shall appoint a certified auditor and set his service charges. |
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| Article (31) |
The Commission’s funds and rights against others shall be deemed as domanial property, to be collected in accordance with the provisions of the Collection of Domanial Property Law in force. For this purpose, the Chairman shall assume the powers of the Administrative Governor and the Committee for Collection of Domanial Property as stipulated in the aforementioned Law. |
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| Article (32) |
The Commission shall be entitled to the exemptions and facilities accorded to ministries, government departments, and official public institutions. |
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Last update Thursday on 23-11-2023 at 15:26:57
