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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (56/2020 Disciplinary Board) (33/2020 Authority)
Date Publish 17 September 2020


The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 17/09/2020 on violation No. (56/2020 Disciplinary Board) (33/2020 Authority) filed against:

1. The Securities House

2. Ibrahem Fahad Alghanim – Chairman of the Board of Directors of The Securities House

3. Fahad Faisal Boodai - Vice Chairman & CEO of The Securities House

For violating the following:

First: The Securities House for violating the following:

  1. For violating the provision of Clause (e) of Article (5-3-2) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  2. For violating the provisions of paragraphs (b, c) of Clause (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.
  3. For violating the provisions of Clause (2) and (3) of Article (4-4) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  4. For violating the provision of Clause (3) of Article (6-3), and Clause (6) of Article (6-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  5. For violating the provision of Article (6-9) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Second: Mr. Ibrahem Yousef Alghanim – Chairman of the Board of Directors of The Securities House, for violating the provision of Clause (3) and (6) of Article (2-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Third: Mr. Fahad Faisal Boodai - Vice Chairman & CEO of The Securities House, for violating the following:

  1. The provision of Clause (1) of Article (3-10) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  2. The provision of Article (5-2) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

 

Therefore, the resolution was issued:

“First: the Company is fined an amount of KWD 1000 for each of the five violations committed.

Second: Warning the Second and Third Violators of the consequences of repeating the violation of the Law.” 

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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