Regulatory Alerts2014-01-01
Law No. 36 of 2014
Issued by the national legislative authority, Law No. 36 of 2014 establishes binding regulatory frameworks and compliance mandates for designated sectors, specifying operational standards, reporting duties, and enforcement protocols. The legislation defines key statutory terms, outlines jurisdictional scopes, and prescribes administrative and penal measures for violations to ensure uniform regulatory adherence. It repeals conflicting prior provisions and sets forth implementation guidelines for stakeholders to align with the updated statutory requirements.
Law No. 36 of 2014
Article 1: Definitions The terms used in this law shall have the meanings assigned to them below unless the context requires otherwise:
- The Authority: The regulatory body established under this law.
- The License: Official authorization granted to operate within the regulated sector.
- The Regulations: Executive directives issued to implement this law.
- The Entity: Any natural or legal person subject to this law's provisions.
Article 2: Scope of Application This law applies to all entities, activities, and operations conducted within the national jurisdiction as defined herein, including subsidiaries and affiliated organizations.
Article 3: Licensing and Registration All covered entities must obtain a valid license and complete mandatory registration prior to commencing any regulated activity. Applications shall be submitted to the Authority with supporting documentation as prescribed.
Article 4: Compliance and Reporting Entities shall maintain accurate records, implement internal control mechanisms, and submit periodic compliance reports to the Authority in the prescribed format and timeline. Failure to report or submitting false information constitutes a violation.
Article 5: Supervision and Inspection The Authority is empowered to conduct inspections, request documents, and audit operations of regulated entities to verify compliance with statutory requirements.
Article 6: Enforcement and Penalties Violations of this law shall be subject to administrative fines, license suspension, or revocation. Criminal liability shall apply for severe or repeated breaches as determined by competent judicial authorities.
Article 7: Repeal and Transition All prior regulations conflicting with this law are hereby repealed. Existing license holders shall transition to the new framework within the period stipulated by executive directives.
Article 8: Implementation The Authority shall issue necessary executive regulations and guidelines to implement this law within six months of its official publication.