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APR 13 2024

Last Data Update

APR 12 2024

Punishments

Article (63)

Without prejudice to any more severe penalty provided in any other law, the crimes provided for in this law shall be punishable by the punishments provided therein.

Article (64)

Any person who commits any of the acts provided in Article (57) of this law shall be punished by imprisonment for a period not less than three (3) months and not exceeding two (2) years and with a penalty of not less than RO 100,000 (Hundred Thousand Riyals) and not exceeding RO 200,000 (Two Hundred Thousand Riyals) or any of them.

Article (65)

Any person who commit any of the following acts shall be punished by imprisonment for a period not less than three (3) months and nor exceeding five (5) years and with a penalty of not less than RO 100,000 (Hundred Thousand Riyal) and not exceeding RO 300,000 (Three Hundred Thousand Riyal) or any of them:

  • Carrying out any of the activities provided for in this law without obtaining the required licenses or approvals.
  • Dealing in or disposing of the assets of the consumers held with any of the regulated entities in breach of this law, the regulation and the decisions issued by the CMA or after cancellation or suspension of the license granted to such entities or after declaration of liquidation or bankruptcy.
  • Disclosing confidential information of the consumers or allowing third parties access to them without express consent of the consumer or under law or court ruling.
  • Deliberately providing false or misleading information or due to negligence in any investigation conducted by the CMA.
  • Issuance of a securities or preparing to issue or offering in public or private placement without obtaining the CMA’s approval.
Article (66)

Any person who violates the provisions of this law, the regulation and the decisions issued thereunder shall be punished by imprisonment for a period not less than three (3) months and not exceeding one (1) years and with a penalty of not less than RO 10,000 (Ten Thousand Riyals) and not exceeding RO 100,000 (Hundred Thousand Riyals) or any of them.

Article (67)

The CMA may effect conciliation in the crimes provided for in this law, the regulation and the decisions issued thereunder, before filing a public prosecution case and after receiving the payment by the violator of a penalty amount not less than the maximum limit of the penalty prescribed legally. CMA shall not subsequently reopen a conciliated case except in instances where it is proven that, there was fraud or false information provided during the conciliation process.

Article (68)

An accomplice or colluder in the crimes provided for in this law shall be punished by the same punishment of the violator. An attempt shall be punished by not more than half the penalty prescribed for full offense.

Article (69)

The penalty shall be doubled in case of repetition. Any person who commits a similar offense for which he was punished or reconciliation was effected in accordance with provisions of this law within two (2) years from date of the punishment or reconciliation shall be deemed repeated offense.