Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (63/2020 Disciplinary Board) (60/2020 Authority)
Date Publish 12 November 2020
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 12/11/2020 on violation No. (63/2020 Disciplinary Board) (60/2020 Authority) filed against:
For violating the provision of Article (74) of Law No. (7) of 2010 and its amendments, which is also considered a violation according to the provision of Article (123) of the same Law, as well as Article (3-5-1) of Module Nine (Mergers and Acquisition) of the Executive Bylaws of the mentioned Law.
Therefore, the resolution was issued: “First: the violator is fined an amount of twenty thousand Kuwaiti Dinars to be renewed monthly as of 31/12/2020 or until the violation is corrected for his failure to submit a mandatory acquisition offer on REAM company.
Second: prohibiting the violator from using the percentage subject of the violation in voting at REAM Company for three years.”
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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