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  • MIE-1.2 MIE-1.2 Information Gathering

    • MIE-1.2.1

      The CBB may exercise its powers under Part 7 and Part 9 of the CBB Law for obtaining information, data, documents and explanations from:

      (a) Self-Regulatory Organizations (SROs), including licensed exchanges, licensed clearing houses and depositories, and related parties;
      (b) Members of SROs and related parties;
      (c) Listed companies and issuers of securities;
      (d) Any other person who is in the possession of information or documents relevant for the purpose of conducting specific preliminary investigations by the CBB.
      Amended: July 2021

    • Type of Information

      • MIE-1.2.2

        For the purpose of this Module, information includes:

        (a) Any books, records or registers required to be maintained by a capital market service provider (including members of SROs, listed companies and issuers of securities) and related parties under the CBB Law, rules and regulations and any other law, rules and regulations;
        (b) Information, books, records or documents known to or in the possession of a capital market service provider (including members of SROs, listed companies and issuers of securities) and related party;
        (c) [This Subparagraph has been deleted in July 2021];
        (d) [This Subparagraph has been deleted in July 2021]
        (e) Information, books, records or documents maintained by or known to or in the possession of any other relevant person.
        Amended: July 2021

      • MIE-1.2.3

        In this Module, a reference to disclosing information includes, in relation to information that is contained in a document, a reference to producing the document.

      • MIE-1.2.4

        As per Articles 111 and 112 of the CBB Law, the CBB may demand any information, documents, statistics or reports from any licensee, listed company or any person who has issued debt instruments in the Kingdom within a specified time.

        Amended: July 2021

    • Acquisition and Disposal of Securities or Futures Contract

      • MIE-1.2.5

        Without prejudice to the generality of rule MIE-1.2.4:

        (a) The CBB may, where it considers it necessary for the protection of investors, require a capital market service provider to disclose to the CBB in relation to any acquisition or disposal of securities or futures contracts:
        (i) The name of the person from or through whom or on whose behalf the securities or futures contracts were acquired; or
        (ii) The name of the person to or through whom or on whose behalf the securities or futures contracts were disposed of;
        and the nature of the instructions given to the licensee or licensed exchange, or licensed clearing house and depository in respect of the acquisition or disposal.
        (b) The CBB may require a person who has acquired, held or disposed of securities or futures contracts to disclose to the CBB whether he acquired, held or disposed of those securities or futures contracts, as the case may be, as custodian or trustee for, or on behalf of, another person (whether or not as a nominee), and if so:
        (i) The name of that other person; and
        (ii) The nature of any instructions given to the first-mentioned person in respect of the acquisition, holding or disposal.
        (c) The CBB may require a licensed exchange to disclose to the CBB in relation to an acquisition or disposal of securities, or futures contracts on the licensed exchange, the names of the members of that licensed exchange who acted in the acquisition or disposal.
        (d) The CBB may require a licensed clearing house and/or depository for a securities market or futures market to disclose to the CBB in relation to any dealing in securities on that securities market, or trading in futures contracts on that futures market, the names of the members of the licensed clearing house and/or depository who were concerned in any act or omission in relation to the dealing or trading.
        Amended: July 2021

    • Exercise of Certain Powers in Relation to Securities

      • MIE-1.2.6.1

        Where the CBB considers that:

        (i) It may be necessary to prohibit under the Markets & Exchanges (MAE) Module dealing in securities of, or made available by, a company or an issuer of securities;
        (ii) A person may have contravened any of the provisions of the Prohibition of Market Abuse and Manipulation (MAM) Module in relation to securities of, or made available by, a company; or
        (iii) A person may have contravened any of the provisions of the Disclosure Standards or Take-overs, Mergers, & Acquisitions (TMA) Module in relation to securities in a company;

        The CBB may require an officer of a company, or an issuer of securities, to disclose to the CBB any information of which he is aware and which may have affected any dealing that has taken place, or which may affect any dealing that may take place, in securities of or made available by, the company or the issuer of securities.

        Amended: July 2021

      • MIE-1.2.6.2

        Where the CBB believes on reasonable grounds that a person is capable of giving information concerning any of the following matters:

        (i) Any dealing in securities of, or made available by, a company or an issuer of securities;
        (ii) Any advice given or any report or analysis issued or published concerning such securities, by any capital market service provider to deal in securities, or a representative of such a holder;
        (iii) The financial position of any business carried on by a person who is or has been (either alone or together with another person or other persons) the holder of a capital market service provider to deal in securities and who has dealt or given advice or issued or published a report or an analysis concerning such securities;
        (iv) The financial position of any business carried on by a nominee controlled by a person referred to in paragraph (iii) or jointly controlled by two or more persons at least one of whom is a person referred to in that paragraph; or
        (v) An audit of, or any report of an auditor concerning any book of the capital market service provider to deal in securities, being a book relating to dealings in such securities.

        the CBB may require the person to disclose to the CBB the information that the person has about the matter.

        Amended: July 2021

    • Exercise of Certain Powers in Relation to Futures Contracts

      • MIE-1.2.7

        (a) Where the CBB considers that:
        (i) It may be necessary to give a direction or take any action in relation to any trading in futures contracts under the Markets & Exchanges (MAE) Module;
        (ii) A person may have contravened any of the provisions of the Prohibition of Market Abuse & Manipulation (MAM) Module in relation to futures contracts.
        (b) Where the CBB believes on reasonable grounds that a person is capable of giving information concerning the following matters:
        (i) Any trading in futures contracts;
        (ii) Any advice given publicly or privately, or any report or analysis issued or published concerning such futures contracts by the capital market service provider to trade in futures contracts, or a representative of such a holder;
        (iii) The financial position of any business carried on by a person who is or has been (either alone or together with any person or other persons) the capital market service provider to trade in futures contracts and has traded in or given advice or issued or published a report or an analysis concerning such futures contracts;
        (iv) The financial position of any business carried on by a nominee controlled by a person referred to in paragraph (iii) or jointly controlled by two or more persons, at least one of whom is a person referred to in that paragraph; or
        (v) An audit of, or any report of an auditor concerning any book of the capital market service provider to trade in futures contracts, being a book relating to trading, clearing or settlement in such futures contracts.
        the CBB may require the person to disclose to the CBB the information that the person has about that matter.
        Amended: July 2021

    • Self-Incrimination

      • MIE-1.2.8

        (a) A person is not excused from disclosing information to the CBB under a requirement made of him under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6, MIE-1.2.6A or MIE-1.2.7, on the grounds that the disclosure of the information might tend to incriminate him.
        (b) Where a person claims before making a statement disclosing information that he is required to disclose by a requirement made of him under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6, MIE-1.2.6A or MIE-1.2.7, that the statement might tend to incriminate him, that statement shall not be used by the CBB to support any CBB disciplinary measures against him.

    • Savings for Advocates and Solicitors

      • MIE-1.2.9

        (a) Nothing in Section 1.2 shall compel the disclosure by an advocate and solicitor of information containing a privileged communication made by or to him in that capacity.
        (b) An advocate and solicitor who refuses to disclose the information referred to in paragraph (a) shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.

    • Immunities Under CBB Law

      • MIE-1.2.10

        (a) The CBB shall not bring any civil or criminal proceedings, other than proceedings for an offence under rule MIE-1.2.11 against any person for disclosing any information to the CBB, if he had done so in good faith in compliance with a requirement of the CBB under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6, 1.2.6A or MIE-1.2.7.
        (b) Any person who complies with a requirement of the CBB under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6, MIE-1.2.6A or MIE-1.2.7 shall not be treated by the CBB as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law, or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.

    • Offences

      • MIE-1.2.11

        (a) A person who, without reasonable excuse, refuses or fails to comply with a requirement of the CBB under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6 or MIE-1.2.7, may be guilty of an offence of concealing information, or providing false information, or obstructing a current investigation, or an investigation likely to be conducted by the CBB in accordance with Part 9 of the CBB Law, punishable under Articles 163 and 170 of the CBB Law.
        (b) A person who, in purported compliance with a requirement of the CBB under rules MIE-1.2.4, MIE-1.2.5, MIE-1.2.6 or MIE-1.2.7, discloses information or makes a statement that is false or misleading in a material particular may be guilty of an offence punishable under Articles 163 and 170 of the CBB Law.
        (c) It may be a defence to prosecution for an offence under paragraph (b) if the defendant proves that he believed on reasonable grounds that the information or statement was not misleading.
        Amended: July 2021

    • Copies of or Extracts from Documents to be Admitted as Evidence

      • MIE-1.2.12

        (a) The CBB shall treat copies of or extracts from a document produced under this Module that are provided to be a true copy of the document, or the relevant part of the document, as if they were the original document, or the relevant part of the original document.
        (b) For the purposes of paragraph (a), evidence that a copy of or extract from a document is a true copy of the document or of a part of the document may be given by a person who has compared the copy or extract with the document or the relevant part of the document and may be given orally or by an affidavit sworn, or by a declaration made before a person authorised to take an affidavit or statutory declarations.