Overview
- Two federal decree laws took effect on January 1 to modernise capital markets oversight and reinforce the Capital Market Authority’s independence.
- The framework introduces early‑intervention measures such as activating recovery plans, imposing additional capital and liquidity requirements, and restructuring strategies and operations, with mergers, acquisitions or liquidation possible when needed.
- As resolution authority, the CMA can dismiss and appoint management, place firms under temporary administration, restructure capital, and implement rescue measures to ensure continuity of critical activities.
- Administrative penalties rise to as much as ten times illicit profit or avoided loss, with provisions reported for pre‑judgment reconciliation and for publishing sanctions to bolster transparency and discipline.
- Licensed firms face new obligations for consumer protection and financial inclusion aligned with digital and fintech developments, while the rules advance alignment with IOSCO, World Bank, IMF and FATF standards and support cross‑border recognition.