The Securities and Commodities Authority (SCA) announced that it has already begun implementing its board's decision to publish the names of violators, which is set to come into effect this June. This comes as part of SCA's supervisory role and efforts to take legal actions against violators of its law and the regulations issued thereunder.

Last October, SCA published on its website a number of clarifications in this regard in a circular addressed to financial market participants. The circular contained the most important aspects of the SCA Board's Decision No. (30/R.M) of 2016 concerning controls for publishing the names of violators of SCA's law and regulations, which was issued to implement the principles of the International Organization of Securities Commissions (IOSCO) in line with the best international practices pursued by developed markets.  

SCA has already made it clear in its circular that it is obliged to adhere to a period for grievance submission. Consequently, names of violators will be published only upon the expiry of that period or after a decision has been reached concerning the grievance submitted, as the case may be. The decision also specified that SCA's website is where the names of violators will be published.

The circular published on SCA's website at the time assured that the decision's implementation will be done with utmost care and diligence and that violators' information and details (including violator's name and position or capacity, the violation committed, and the penalty imposed) will be published only upon carefully studying the case, as part of SCA's commitment to the highest degrees of care about the privacy and reputation of market participants.

SCA urged market participants to comply with the legislation regulating financial markets in an attempt to foster fairness and integrity and ensure the soundness and accuracy of the transactions executed there.