Companies Law

1. Pursuant to a decision by the Minister, a committee shall be formed at the Ministry; such committee shall comprise at least three members and be headed by a person with legal qualifications. The committee shall review the violations stipulated in Article 262 of this Law and impose penalties, with the exception of violations related to joint-stock companies listed in the capital Companies Law market. The Minister may determine the violations for which penalties may be imposed without presenting them before the committee. A person against whom a penalty decision is issued may appeal such decision before the competent court within 30 days from the date of notification thereof through the means of notification specified in the Regulations. The committee’s work procedures and the remuneration of its chairman, members, and secretariat shall be determined pursuant to a decision by the Minister. 2. The CMA Board shall impose the penalties prescribed for the violations stipulated in Article 262 of this Law which relate to joint-stock companies listed in the capital market. A person against whom a penalty decision is issued by the Board may appeal such decision before the Committee for Resolution of Securities Disputes in accordance with the Capital Market Law.