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13 August 2022

16 Muharram 1444

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Law No. 8 of 2012 concerning Qatar Financial Markets Authority

Law Summary Record Type: LawNumber: 8Date: 07/08/2012 Corresponding to 19/09/1433 HijriNumber of Articles: 57Status: In force

Official Gazette :Issue: 11Offcial Journal Issue Publication Date: 18/09/2012 Corresponding to 11/02/1433 HijriPage from: 27

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vChapter Six: Sanctions and Precautionary Measures

40 Article

Without prejudice to the financial penalties imposed by the Authority under the provisions of this Law and the bylaws, regulations and resolutions issued in the implementation thereof, or to any greater penalty stipulated in any other law, any person convicted of any of the following offences shall be sentenced to imprisonment for a period not exceeding three years or to a fine not less than fifty thousand Qatari Riyals (QR 50,000)and not more than ten million Qatari Riyals (QR 10,000,000), or to both:

1. Disclosing any confidential information that became available to him through his work or transactions, in pursuance of the provisions of this Law;

2. Dealing in financial markets on the basis of undisclosed information he came to know by virtue of his work;

3. Spreading rumours with the intention of influencing dealings in financial markets;

4. Providing false data or information or making false statements with the intention of influencing dealings in financial markets;

5. Conducting fictitious transactions for the purposes of monopoly and abuse of trust;

6. Concluding any agreements or operations in order to manipulate the rates of securities and to make profits at the expense of securities dealers;

7. Omitting, concealing, or withholding essential information whose disclosure to the Authority is mandated by Law;

8. Performing any act that creates a false representation or impression in order to influence market dealings;

9. Violating the provisions of Articles 29, 33, and 34 hereof;

10. Attempting to commit any of the acts stipulated in this Article.

41 Article

A sanction shall be doubled in case of recidivism. In the application of the provisions of this Law, a person shall be considered as a recidivist, if he commits a crime similar to a previous crime for which he was penalised with one of the penalties prescribed by this Law for violations of its provisions, before the elapsing of a period of five years from the date of completion of execution of the adjudged penalty or abatement due to lapse of time.

42 Article

Article 42

1. The person responsible for the effective management of a juristic person shall receive the same sentences prescribed for acts committed in contravention of the provisions of this Law where it is proved that he was aware of the contravention or his failure to fulfill the duties imposed by such management contributed to the commission of the offence.

2. A juristic person shall be jointly liable to pay the imposed fines and indemnities where the offence is committed in its name or on its behalf or by one of its employees.

43 Article

Where the interests of the investigation so require, the public prosecutor may, on his own or upon the request of the Authority, temporarily suspend from work, position or profession, any person under investigation by the public prosecutor in respect of any offence stipulated in this Law.

2. Any person who has been referred to the criminal court shall be suspended from work by the force of law, unless the court decides otherwise during the trial proceedings, on its own or upon a request from the concerned person.

44 Article

Where the public prosecutor has sufficient solid evidence that a person or group of persons has committed an offence under this Law, the public prosecutor may, on his own or upon the request of the Authority, impose a ban on such person(s) from travelling and from administering or disposing of their property. In this regard, the public prosecutor may take any precautionary measures in respect of all or part of the funds at the disposal of the accused or others, without prejudice to the right of the Authority or any concerned party to take any precautionary judicial measures.

2. The public prosecutor may take the same measures against the funds of the accused minor children or spouse.

3. The public prosecutor's resolution may be appealed before the competent court within thirty (30) days of notification of those concerned through the appropriate means.

45 Article

The public prosecutor shall issue a resolution on the Authority's request stipulated in the preceding Article within twenty-four hours of its submission. Where the request is rejected, the ruling shall give reasons for such rejection.

2. The said resolution may be appealed before the competent court within fifteen (15) days from the date thereof, and the Court shall rule on the appeal expeditiously.

46 Article

The value of the reserve funds shall not exceed the value of the maximum financial penalty that may be imposed on the accused in addition to the estimated compensation for damages.

2. The public prosecutor or the competent court may request the Authority's assistance in estimating the value of the benefit obtained by the accused and the estimated compensation for damages.

47 Article

The public prosecutor or the competent court may, upon the Authority's or any concerned person's request, lift the precautionary measures if the accused provides sufficient collaterals that are acceptable to the Authority or the court.

48 Article

Where the accused is barred from the administration of his funds, the public prosecutor shall appoint an administrator to manage the said funds. The appointed administrator shall be nominated by the Authority, which shall determine his duties, authority and controls of his task.

49 Article

The Chairperson or his delegate may settle the offences stipulated in this Law before institution of the criminal lawsuit, during the trial, or before the final judgment, subject to payment of half of the maximum fine prescribed for each offence.

2. Such settlement shall result in the abatement of the criminal case and its consequential effects. The public prosecutor shall order a stay of execution of the sentence if settlement has been agreed during the implementation thereof.

50 Article

The Authority's employees, who are duly authorised pursuant to a resolution issued by the Attorney General in agreement with the Governor, shall have the capacity of judicial control officers in respect of seizure and establishing evidence of violations committed in contravention of the provisions of this Law.

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