CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (93/2021 Disciplinary Board) (113/2021 Authority) and imposition of a fine of 5 thousand Dinars against National Investments Company for violating the rules of Conduct of Business

Announcement regarding issuance of Disciplinary Board Resolution No. (93/2021 Disciplinary Board) (113/2021 Authority) and imposition of a fine of 5 thousand Dinars against National Investments Company for violating the rules of Conduct of Business

For the following reasons:

Violation of the provisions of Article (1-6) of Module Eight (Conduct of Business), Article (3-1) and Item (1) of Article (10-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments. It was proven to the CMA that the Company did not deduct its due fees for the work it is offering for the interest of the client in accordance with the contracts signed between the company and the client, as the total amount of the due fees of the clients’ portfolio for the period from 1/1/2020 to 31/3/2021 was KWD 209,779 (two hundred and nine thousand and seven hundred and seventy nine Kuwaiti Dinars).

The Resolution included the infliction of the following penalty: -

“National Investments Company is fined an amount of five 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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