CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (82/2021 Disciplinary Board) (87/2021 Authority) and imposition of a fine of 1 thousand Dinars against Wethaq Takaful Insurance Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (82/2021 Disciplinary Board) (87/2021 Authority) and imposition of a fine of 1 thousand Dinars against Wethaq Takaful Insurance Company for violating the rules of Disclosure and Transparency

For the following reasons:

Violation of the provision of Item (2) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, which was proven to the CMA through the Company’s disclosure of its insiders’ watch list on 21/4/2021 that exceeded the specified legal period of five business days to disclose the change of the insiders’ watch list.

The Resolution included the infliction of the following penalty: -

“Wethaq Takaful Insurance Company is fined an amount of one thousand Dinars for the violation attributed to it.”

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.

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