CHAPTER SIX

PENALTIES

Article  (63)

	Without prejudice to any severer penalty stipulated in any other law; imprisonment for a term not exceeding five years, and/or a fine of not less than Fifty Thousand Pounds (LE.50000), and not exceeding One Hundred Thousand Pounds (LE.100000); shall be applied in the following cases:

1)	Any person engaging in activities governed by the provisions of this law, without being licensed.
1.	Any person offering and selling securities in violation of this law.
2.	Any person stating intentionally material misstatements in a prospectus, incorporation documents, licensing applications, or in any other reports, documents, and company public announcements, or using information in violation of the provisions of this law, or altering such information after being certified by the Authority or presented to it.         
3.	Any person who intentionally publishes material misstatements on securities being subscribed for through an agency that is licensed to receive public subscriptions.
4.	Any person committing forgery of company records, stating intentionally material misstatements or untrue facts in the company records, or submitted misstated reports to the general assembly.
5.	Any person quoting artificial price of a security, or conducting a false transaction, or attempted by fraud to affect market prices.  
6.	Any person who lists securities on the stock exchange in violation of this law.	

Article  (64)

	Without prejudice to any severer penalty stipulated in any other law; imprisonment for a term not less than two years, and a fine of not less than Twenty Thousand Pounds (LE.20,000), and not exceeding Fifty Thousand Pounds (LE.50,000), or either penalty, shall be inflicted on any person who divulges a secret, which is in his possession by virtue of his duties under government by the provisions of this law, or has benefited, he, his spouse and his children, from insider information of his work, or who used material misstatement, or omitted any material information in reports, submitted by him, to the extent that it affects the results contained in such reports.

Article  (65)

	Without prejudice to any severer penalty stipulated in any other law, any person who violates the provisions of articles 6, 7, 17, 33, and 39, and the second paragraph of article 49 of this law, shall be liable to penalties of imprisonment, and a fine of not less than Twenty Thousand Pounds (LE.20,000), and not exceeding Fifty Thousand Pounds (LE.50,000), or by either penalty.

Article  (66)

	Any body that disposes of securities contrary to the provisions of this law shall be liable to a fine not less than Five Thousand Pounds (LE.5,000) and not to exceed Ten Thousand Pounds (LE.10,000).
	The manager of the company who contravenes the provisions of Article 8 of this law shall be liable to the same penalty stipulated in the preceding paragraph. 

Article  (67)

	Without prejudice to any severer penalty stipulated in any other law, whoever contravenes any of the rules stipulated in the Executive Regulations of this law shall be liable to a fine not less than Two Thousand Pounds (LE.2,000) and not to exceed Ten Thousand Pounds (LE.10,000).

Article  (68)

	The responsible manager of the company shall be liable to the penalties that are specified in the provisions of this law for violations committed.

	The funds of the company shall, in all cases, warrant the payment of the fines ruled.

Article  (69)

	In addition to the penalties covered by preceding articles, the penalty of depriving one from exercising the profession, or conducting the business about which the crime was committed, may be inflicted for a period not to exceed three years.

Such a penalty shall be inflicted in case of repetition.