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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (93/2019 Disciplinary Board) (140/2019 Authority)
Date Publish 06 February 2020


The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 06/02/2020 on violation No. (93/2019 Disciplinary Board) (140/2019 Authority) filed against:

Global Investment House

The company has violated the following provisions:


- Clause (3) of Article (3-8) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

- Article (3-21) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

- Article (4-1) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Therefore, the resolution was issued:

“Dismiss the second, third, and fourth violations due to lack of importance. The Company did not   take due diligence measures by obtaining approvals from senior management of portfolios for politically exposed persons, it did not update financial statements, and it did not document some client’s transactions and did not correct them”.

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

 

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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