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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (58/2020 Disciplinary Board) (63/2020 Authority)
Date Publish 15 October 2020


The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 15/10/2020 on violation No. (58/2020 Disciplinary Board) (63/2020 Authority) filed against:

Securities Group Company

The company violated the following provisions:

  1. Clause (2) of Article (1-18) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  2. Clause (2) of Article (2-2) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  3. Article (2-4) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  4. Clause (6) of Article (5-1-7) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
  5. The provisions of Article (2) of the Market Committee Decision No. (3) of 2000 regarding the controls of dealing in securities through companies managing the portfolios of others, which corresponds to Article (8-3) of Module Eleven (Dealing in Securities) of the Executive Bylaws of the Law aforementioned  Law and their amendments.
  6. Clause (5) of Article (6-3) of Module Fifteen (Corporate Governance) of the Executive Bylaws of the Law mentioned above and their amendments.
  7. Article (7-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of the aforementioned Law and their amendments.

Therefore, the resolution was issued: “First: The Company is fined an amount of KWD 3000 for the first, third, fourth, sixth, and seventh violations committed.

Second: The Company is fined an amount of KWD 10,000 for the second and fifth violations committed.”

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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