Economic Circuits Take Over Capital Market Disputes

A decree was issued amending certain provisions of the Capital Markets Authority Law and the regulation of securities activities, including amendments to the definitions of “the competent minister” and “the competent court,” and the repeal of seven articles of the law. The decree will take effect concurrently with the entry into force of Decree-Law No. 88 of 2026 concerning the establishment of economic courts. The decree stipulates that the Capital Markets Court shall continue to hear cases and appeals registered with it prior to the entry into force of its provisions, until a final decision is rendered. The decree repealed Articles 108, 109, 110, 111, 112, 113, and 116 of the Capital Markets Authority Law, as well as any provision that conflicts with the provisions of the decree-law. It replaced the definition of “the competent minister” set out in Article One of the Capital Markets Authority Law with “the minister designated by the Council of Ministers,” and replaced the definition of “the competent court” with “the Civil and Commercial Economic Court or the Administrative Economic Court established by Decree-Law No. 88 of 2026, and the competent court according to the rules prescribed in the Law of Procedure and Criminal Trials, as applicable.” Furthermore, the phrases “the competent minister” and “the competent court” wherever they appear in Law No. 7 of 2010 are replaced with “the Minister of Commerce and Industry” and “the Capital Markets Court,” respectively.