The creation of the Appeal Committee for the Resolution of Securities Disputes (ACRSD) came as an extension to assuring the right of litigants involved in securities disputes in order to obtain a number of guarantees. Such guarantees may include the right for appeal. Thus, the party who is unconvinced with the decision issued by CRSD (First-degree Court) may appeal such a decision before the ACRSD (Second-degree Court) which consists of members different from the court of first instance, i.e. CRSD. Article Twenty Five, paragraph (g) and (f) provide for the formation of an appeal panel (afterwards named the Appeal Committee for the Resolution of Securities Disputes) to respond to requests of decision appeals issued by CRSD submitted within thirty days from the date of notification of the appealed decision.
ACRSD is formed by a Council of Ministers’ resolution, having three members with a three-year renewable term, representing the Ministry of Finance, the Ministry of Commerce and Industry and the Bureau of Experts at the Council of Ministers.