'Economic Circuits' to handle 'Capital Markets' disputes.. and 7 articles abolished

Decree-Law No. 91 of 2026 re-established the judicial framework for disputes arising from the application of the Capital Markets Authority Law, after transferring non-criminal disputes to the Civil, Commercial, or Administrative Economic Circles established under Decree-Law No. 88 of 2026. Meanwhile, crimes stipulated in the Capital Markets Authority Law remain subject to the general rules regarding jurisdiction and criminal procedures. These legislative amendments abolished seven articles related to the Capital Markets Court, certain of its procedures, and appeals against its rulings.

The Decree-Law included a transitional provision to preserve the course of existing cases, stipulating that the Capital Markets Court shall continue to hear lawsuits and appeals registered with it prior to the effective date of its provisions until they are adjudicated. The new regulatory framework takes effect from the date Decree-Law No. 88 of 2026, which establishes the Economic Circles, comes into force, thereby linking the enforcement of both legislations.

The amendments also redefined the "Competent Minister" to mean the minister designated by the Council of Ministers, rather than the Minister of Commerce and Industry. This aims to avoid the need for future legislative amendments in the event that the administrative affiliation of the Capital Markets Authority is transferred to another minister or a different ministerial portfolio, according to the explanatory memorandum.

Furthermore, the definition of the "Competent Court" now includes the Economic Circle for civil, commercial, or administrative disputes, and the competent criminal court for criminal offenses, depending on the circumstances.

The text of the Decree-Law and the explanatory memorandum is as follows:

Decree-Law No. 91 of 2026 amending certain provisions of Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities:

– Having reviewed the Constitution,

– And the Emiri Decision issued on 2 Dhu al-Qi'dah 1445 AH, corresponding to May 10, 2024,

– And the Penal Code issued by Law No. (16) of 1960, and its amendments,

– And the Criminal Procedure and Courts Law issued by Law No. (17) of 1960, and its amendments,

– And the Civil and Commercial Procedure Law issued by Decree-Law No. (38) of 1980, and its amendments,

– And Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, and its amendments,

– And the Law Regulating the Judiciary issued by Decree-Law No. (80) of 2026,

– And the Law Establishing the Economic Circles issued by Decree-Law No. (88) of 2026,

– And Decree No. 84 of 2024 concerning Succession and Ministerial Delegation, and its amendments.

– Based on the proposal of the Minister of State for Economic Affairs and Investment,

– And after approval by the Council of Ministers,

– We have issued the following Decree-Law:

Article One

The definitions of "Competent Minister" and "Competent Court" contained in Article (1) of the aforementioned Law No. (7) of 2010 are replaced with the following definitions:

"Competent Minister": "The minister designated by the Council of Ministers."

"Competent Court": "The Civil, Commercial, or Administrative Economic Circle established by Decree-Law No. (88) of 2026, and the competent court according to the rules stipulated in the Criminal Procedure and Courts Law, depending on the circumstances."

The phrases "Competent Minister" and "Competent Court" are replaced with "Minister of Commerce and Industry" and "Capital Markets Court" wherever they appear in the aforementioned Law No. (7) of 2010.

Article Two

The Capital Markets Court shall continue to hear lawsuits and appeals registered with it prior to the effective date of the provisions of this Decree-Law until they are adjudicated.

Article Three

Articles (108, 109, 110, 111, 112, 113, and 116) of Law No. (7) of 2010, referred to above, are repealed.

Any provision conflicting with the provisions of this Decree-Law is also repealed.

Article Four

The Ministers shall each implement this Decree-Law within their respective areas of competence. It shall be published in the Official Gazette and shall take effect from the date of entry into force of Decree-Law No. (88) of 2026, issuing a law concerning the establishment of Economic Courts.

Explanatory Memorandum for Decree-Law No. 91 of 2026

Amending certain provisions of Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities

Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities provided a special framework for disputes arising from the application of its provisions. It established the Capital Markets Court, defined its jurisdiction, and regulated certain procedures before it, considering the unique nature of capital market disputes and the need for specialized attention and expedited resolution.

Since Decree-Law No. (88) of 2026, issuing a law concerning the establishment of Economic Courts, was issued, entrusting these courts with adjudicating non-criminal disputes arising from the application of Law No. (7) of 2010, referred to above, it became necessary to amend this Law legislatively.

Given that the Emiri Order dated 10/5/2024 was issued, stipulating in its Article (4) that laws shall be issued by decree-laws, this Decree-Law was prepared to amend certain provisions of Law No. (7) of 2010, referred to above.

Article One of the present Decree-Law replaced the definitions of "Competent Minister" and "Competent Court" found in Article (1) of the aforementioned Law No. (7) of 2010. The definition of "Competent Minister" is now the Minister designated by the Council of Ministers, instead of the Minister of Commerce and Industry, to avoid the need to amend legislation in the future should the administrative affiliation of the Capital Markets Authority be transferred to another minister or a different ministerial portfolio.

Furthermore, the definition of "Competent Court" is now the Economic Court for Civil and Commercial Disputes or Administrative Disputes, established by Decree-Law No. (88) of 2026, or the competent Criminal Court for adjudicating criminal offenses stipulated in Law No. (7) of 2010, in accordance with the general rules stipulated in the Law of Criminal Procedure and Courts issued by Law No. (17) of 1960.

Additionally, the second paragraph of Article One of the present Decree-Law replaced the phrase "Competent Minister" with "Minister of Commerce and Industry," and the phrase "Competent Court" with "Capital Markets Court," wherever they appear in the aforementioned Law No. (7) of 2010.

Article Two of this Decree-Law contains a transitional provision stating that pending lawsuits and appeals existing at the time of the Law's entry into force shall remain before the Capital Markets Court until a final judgment is rendered.

Article Three stipulates the repeal of the articles related to the establishment of the Capital Markets Court, certain special procedures before it, and appeals against its judgments, since non-criminal disputes arising from the application of Law No. (7) of 2010, referred to above, now fall under the jurisdiction of the Economic Court, and the criminal offenses stipulated therein are subject to the general rules regarding jurisdiction and criminal procedures.

Article Four of the present Decree-Law obligates the Ministers to implement its provisions within their respective areas of competence, to publish it in the Official Gazette, and specifies that its provisions shall take effect from the date of entry into force of Decree-Law No. (88) of 2026, issuing a law concerning the establishment of Economic Courts, due to the interdependence of their enforcement.