Devoting criminal responsibility of the legal person (As one of the mechanisms to protect investment and ensure its prosperity )

Abstract

There is no doubt that money is the main engine of investment forces and economic development, and in order to mobilize national savings and direct them in productive investment channels that serve the growth of the national economy and the prosperity of individuals; it was necessary to emerge financial markets or what is known as the stock exchange, which is the best way To reconcile the financial surplus and deficit sides, as well as satisfying the need of small investors to make a profit while reducing the risk ratio And in order to protect the regular functioning of these markets and support confidence in them, and to protect countries from disasters and financial crises that occur as a result of unethical practices that are taken in order to achieve illicit profits, attention must be paid to everything related to criminalizing these practices and punishing them , One of the most important issues that have not received sufficient attention to date in the field of capital market crimes is the criminal responsibility of the legal person for these crimes. The importance of the topic: If we refer to Law No. 95 of 1992 related to the Egyptian Capital Market, and Law No. 7 of 2010 The originator of Kuwaiti Capital Markets Authority, we find that the legislator in both laws has decided the responsibility of the natural person for illegal practices that impede the regular functioning of the capital market, whether those committed by conduct It is positive, such as the crime of exploiting or disclosing material information that is not disclosed or disclosing false and misleading information or manipulating securities prices, or crimes that are committed in negative behavior, such as abstaining from disclosing material information, where financial information plays a prominent role in the decisions that investors make, , Although these legislations cover many forms of criminalization in this field but it has not decided the criminal responsibility of the legal person for these criminal forms despite their seriousness and the prevalence of their perpetration in the field of money market by companies and for their benefit, especially since there is a multiplicity of moral persons involved in the activity of securities trading in financial markets There are companies that issue securities, investment funds, brokerage firms, and formation and management companies of securities portfolios, so the legislator had to decide the criminal responsibility of the legal entity. . Research problem: The research raises several questions about the possibility of holding a criminal accountable for money market crimes, including what are the forms of crimes that a legal person can commit for his account? What are the conditions for the accountability of the legal person for these crimes? If we support the question of the legal person for crimes committed with positive behavior, can he be held responsible for Crimes committed with negative behavior? How important is that? Is the intention considered a condition of the crime of the legal person? If so, does the creation of moral element require a special intention, such as intending to harm investors, or not? What types of deterrent penalties can be applied in the crimes in question? What are the effects of activating the responsibility of the legal person to provide more deterrence? This may contribute to achieving regularity in the circulation of trading operations in the financial markets, and will reflect positively on the prosperity of investment and economic development

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