As the CMA oversees the dissemination of information and verifies its integrity and transparency.

And as the attempt to influence or manipulate the prices of securities is considered as one the most serious crimes of the Capital Market Law - whether by releasing or helping in the dissemination of false or misleading information, or by publishing any information related to the closeness of a change that may occur in the price of securities, or by speaking in the media about any false information that would have its impact on the market or the dealers.

And in the light of the overwhelming flood of statements and legal and economic analysis in relation to the arbitration award that forces Orascom Telecom to sell its full share in Mobinil company (an Egyptian joint stock company, that is not a list company), and the subsequent decision of the CMA’s Chairman regarding the refusal of the compulsory purchase offer by France Telecom for the entire shares of the Egyptian Company for Mobile Services (an Egyptian joint stock company listed at the Stock Exchange).

The CMA warns all parties and any person who shall publish any information related to arbitration award and its implementation, or the measures stated in the Capital Market Law and that are related to the rules of acquisition. Also the CMA warns any person who shall speak about the expected results of negotiations between the parties of the arbitration award, and their impact on the prices of the traded stocks. The CMA warns against publishing any statement or information regarding this issue.

The CMA asserts that it will take all measures prescribed by the law against any person who shall violate the provisions of the law regarding manipulating the prices of securities or trading in securities on the basis of insider information.

Finally, the CMA as being the regulatory body that regulates the Capital Market stresses that it is not a party to any negotiations that took place or could take place between the parties to the arbitration award. The CMA also asserts that its role begins when the two parties decide to take a certain legal act, where the CMA ensures its compliance with the provision of the Capital Market law, and its commitment to transparency, disclosure and integrity required for the Stock Market and the transactions being held, and it also ensures the protection of the rights of the securities’ holders, and especially the rights of minority and small dealers.