President of the Republic

Based on the provisions of the Constitution

As approved by the People ' s Assembly at its 7-5-1426th meeting and 136-2005

Issued:

Article 1. The following definitions in the area of application of this Act are:

Body:Syrian Securities and Markets Authority.

Council:Board of Commissioners of the Board

President of the Council:Chairman of the Board of Commissioners - Executive Chairman of the Board.

Securities: Stocks of negotiable companies, negotiable debt instruments issued by the Government or companies, any financial instruments representing the rights of contribution profits, or any other financial instruments that the Board considers inclusive.

Financial markets: Markets organized to trade securities that may arise in the Syrian Arab Republic in accordance with the provisions of this Act.

Article 2. a. In the Syrian Arab Republic, a regulatory body called the Syrian Stock Exchange and Markets, linked to the Prime Minister, enjoys legal personality and financial and administrative independence and is based in Damascus.

b. This body shall have all the necessary powers to carry out its mandated tasks and functions and to achieve its objectives.

c. The Authority is prohibited from performing any work or activity for profit, lending funds or issuing securities.

Article 3. a. UN-Women works towards the following basic objectives:

1. Organization and development of financial markets and the activities and activities attached thereto to ensure justice, efficiency and transparency and contribute to reducing risks associated with securities transactions.

2. Protection of citizens and investors in securities from unfair or improper practices, fraud, fraud or manipulation.

3. Promoting savings and investment activity in the interest of the national economy.

b. The Authority shall be responsible for issuing instructions and carrying out all functions to achieve its objectives and shall:

1. Organization and control of full disclosure of securities information.

2. Organization and control of the issuance and handling of securities.

3. Organization and monitoring of the work and activities of the oversight and oversight bodies of the Authority.

4. Financial market control.

Article 4. a. The Board of Commissioners is composed of seven members, including four full-time members, including the President of the Council and the Vice-President of the Council with expertise and competence, with Syrian natural persons.

- Chairman of the Board of Commissioners - Executive Chairman

- One of the commissioners is vice president.

- Associate Minister of Finance member

- Associate Minister of Economy and Trade

Deputy Governor of the Central Bank of Syria

- Two other commissioners.

b. The President and members of the Board of Commissioners are called by decree setting their wages and compensation.

c. The Secretary of the Council is designated by the Council.

d. The term of office of the Council is four years, renewable, one-time renewal for the President and the Vice-President. In this case, the member of the Council will continue to be a member of the Council until a successor has been appointed.

Article 5. The regulations of the Authority shall be promulgated by a decision of the Prime Minister on the proposal of the Council of Commissioners.

Article 6. It shall be subject to the supervision and control of the Authority in accordance with the provisions of this Law, regulations and instructions, and decisions by which:

1. Securities exporters.

2. Authorized service, consultancy and financial intermediation companies.

3. Authorized joint venture banks, firms and funds.

4. Financial markets.

5. Accredited accounting and auditing companies and offices.

Article 7. Functions of the Board:

The Council shall carry out the functions of the body provided for in this Act, as well as the regulations, rules and instructions issued therein, including:

1. Establish criteria and conditions for issuing securities.

2. Develop policies that serve the purposes and functions of the Authority.

3. Approval of the submission of securities and the adoption of issuance bulletins relating to such securities.

4. Proposals to government actors in areas that help to develop and deepen the financial sector and provide protection to investors and securities dealers.

5. Adopt or grant professional licences to financial institutions operating in markets that are exported under the provisions of this Law, and restrict, suspend or cancel such licences to any person or entity subject to the control and supervision of the Authority which the Board considers appropriate.

6. Suspension of financial market activity for a period of not more than one day and, if necessary, suspension of market activity for more than one day by decision of the Prime Minister on the proposal of the Council of Commissioners.

7. To approve the inclusion, cancellation or suspension of the inclusion of any financial paper for a Syrian company or entity in any securities market outside the Syrian Arab Republic.

8. To prevent, suspend or circulate any financial paper in financial markets if deemed necessary by the Board.

9. Identification and renewal of allowances for the issuance of licences to the various entities under the supervision and control of the Authority. Allowances for the adoption of securities issuance bulletins are also identified.

10. Propose financial fines imposed on offenders in accordance with the provisions of this Act and issued by decree.

11. Put a higher and lower limit on the payments of service companies and financial intermediation from their clients, and approve the financial interview and other funds charged by financial markets.

12. Adopt the accounting standards, auditing standards and performance rating standards to be adhered to by the oversight bodies of UN-Women and establish the criteria and conditions to be met in the auditors who are qualified to audit and supervise the accounts of the entities controlled by UN-Women.

13. Identify the format of the contents of the annual and periodic financial lists, reports and documents to be submitted by exporters who submit securities to the public or their securities on financial markets.

14. Identification of data and information to be included in the issuance bulletin by companies and securities exporters.

15. Promulgate executive instructions, decisions and procedures to implement the provisions of this Act.

16. Proposal of the rules of procedure and other regulations of the body.

17. Preparation of regulations and rules of control and supervision of entities under the supervision of the Authority under the provisions of this Law.

18. Preparation of legislation and regulations on securities.

19. Appointment of a certified auditor to check the lists and financial accounts of UN-Women.

20. Preparation and submission of the annual budget for UN-Women to the Prime Minister for endorsement.

Article 8. Any person who becomes an employee of the Authority or a member of its Council shall have the effect of presenting to the Board a declaration to the Authority stating the Syrian and non-Syrian securities listed in the Syrian markets owned or at its disposal or even at the disposal of one of its first-class relatives and any subsequent change within seven days from the date of his or her knowledge of the change in the capacity to cancel his or her membership in the Council or to lose his or his/her employment in the Authority.

Article 9. The full-time members of the Board of Commissioners and their staff are prohibited from engaging in any other occupation or employment, including in a government or public or private enterprise, and all members of the Board of Commissioners are prohibited from advising private companies and institutions.

Article 10. The President of the Board shall be the executive head of the Board, the executive head of the Authority, the administrator of its policy, the administrator and the exchange orders thereof:

1. Implementation of decisions taken by the Council.

2. Sign individually or in association with others reports, accounting statements, financial lists, documents and communications of the Board in accordance with its regulations.

3. Representation of the body before the judiciary and others.

Article 11. a. The Vice-President of the Council shall perform the functions and functions of the President of the Council in the event that he or she is legally absent or omitted.

b. The Chairperson shall have the right to delegate some of his or her powers to another member of the Board or to any officer of the Board, provided that the delegation is written and specific.

Article 12. a. The Council shall meet at the invitation of the President of the Council or at the request of a majority of its members at least once a month, and it shall be required that the meeting be regarded as lawful by five of its members, including the President or the Vice-President of the Council.

b. Decisions of the Council shall be taken by a majority vote and in the event of equal votes cast by the President.

c. The rules of procedure of the Board specify the terms and requirements of the meeting of the Board, including the invitation to the meeting.

Article 13. a. UN-Women shall have a separate budget so that the financial year starts from the first day of January and ends on 31 December.

b. UN-Women maintains a general reserve equal to twice its total expenditures set out in its previous annual budget, which shall be composed of surplus resources after all capital and current expenditures required by UN-Women are deducted, with the excess funds being transferred to the Ministry of Finance.

c. If there is a deficit in the UN-Women budget for any financial year, it shall be covered from the general reserve and if the general reserve is not sufficient to cover the deficit, the Ministry of Finance shall cover the deficit.

Article 14. A- The financial resources of UN-Women shall consist of:

1. Allowances and commissions received in accordance with the provisions of this Act and the regulations promulgated thereunder.

2. Financial fines for offenders under the provisions of this Act.

3. Assistance, contributions and donations received by the Authority provided that they are approved by the Prime Minister.

B- The allowances and commission shall be levied by the Commission in accordance with:

1. Registration of issuances and licensing of securities.

2. Inclusion or acceptance of securities trading in financial markets.

3. Exchange and transfer of securities.

4. Accreditation or licensing of service and financial intermediation companies or investment companies.

5. Any other services proposed by the Council and approved by the Prime Minister.

Article 15. The President of the Council shall report annually to the Prime Minister on the work and financial position of the Board in the previous financial year within three months of the end of the financial year.

Article 16. The Authority shall be entitled to conduct any investigation, inspection or scrutiny to determine whether any person or person has committed an offence or has taken preparatory action in violation of any of the provisions of this Law, regulations, instructions and decisions. The Authority shall have the right to inspect and inspect documents, restrictions and records from any of the bodies under the control and supervision of the Board and to obtain copies of any of them with or without prior notice.

Article 17. In contravention of the provisions of this Act, all:

1. Failure to the regulations, instructions and decisions of the Authority in accordance with the provisions of this Law.

2. No person or entity under the control of the Authority shall respond to any person or entity under the control of the body by submitting documents or documents required during the specified deadlines and deadlines.

3. Provide incorrect or misleading information or data in any of the documents or documents submitted to the Board.

4. Presentation or sale of securities on the basis of incorrect or misleading data or information, whether in relation to the rights and benefits granted by such securities or the nature of the activity and financial situation of the companies exporting such securities.

5. The use or disclosure of information by an ex officio person or his or her status to internal or confidential information concerning securities for material or moral gain.

6. Broadening and distributing rumours or giving incorrect or misleading information or data on any financial paper with a view to influencing its price or the reputation of the author ' s exporting company.

7. Accreditation of incorrect, misleading or contrary financial statements by the Auditor or Accountant to the accounting and auditing standards adopted.

8. Adoption of attractive financial analyses contrary to the financial position of the company and the real convictions of the Office of Financial and Investment Consulting.

9. Sale or disposal of securities without written authorization from their owner or without a convention authorizing it.

10. The UN-Women Release Bulletin was not distributed to the investor audience.

11. Contrary to the Board ' s instructions on the nature of the information and data to be included in the securities issuance bulletin.

12. Sale of securities without a publication approved by the Board.

Provide any financial, investment or financial intermediation services associated with securities without a licence or prior to its adoption by the Board.

Any deception, fraud or manipulation relating to the activity of issuing, trading, transferring or transferring ownership of securities or any prohibited practice or information misleading with respect to activities and acts authorized by the Board.

Article 18. Without prejudice to any more severe punishment provided for in the laws and regulations in force:

a. Any person who commits the offences set forth in article XVII of this Law shall be liable to a penalty of not less than three months ' imprisonment and not more than three years ' imprisonment and a fine of money.

b. The remaining offences are punishable by a fine.

c. fines set out in paragraphs A And... B For the benefit of the Commission as compensation.

d. Members of the Governing Council, members of the Board of Directors, associate partners and relevant officials of the legal person in question are held responsible for the offence unless they are found to be unaware of the offence.

Article 19.The undeclared information brought to the attention of the members of the Council and the staff of the Board is confidential under legal responsibility, but for justified reasons the Council may disclose information it deems necessary to protect investors.

Article 20. Taking into account the laws and regulations in force, the public and other authorities must provide the Authority with the documents and information it requests for the purposes of carrying out its duties in accordance with the provisions of this Act.

Article 21. a. The accounts of the Board shall be subject to scrutiny by the auditor approved by the Board of Auditors by the Central Financial Control Authority, which shall report to the Prime Minister accordingly.

b. The President and members of the Board of Commissioners shall be acquitted after the approval of the results of the budget and the final accounts by the Central Financial Control Board and not more than two years after the expiration of its term of office.

Article 22. a. The Council of Commissioners shall prepare a draft law on the creation of the Syrian Stock Exchange within six months after the nomination of members of the Council.

b. The Board of Commissioners shall issue the executive instructions necessary for the implementation of the provisions of this Act within six months after the nomination of members of the Council.

Article 23. This law is published in the Official Gazette.

Damascus: 13-5-1426H, 19-6-2005.

President of the Republic

Bashar Al-Assad

mz