Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (09/2021 Disciplinary Board) (137/2020 Authority)
Date Publish 01 April 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday April 1, 2021 on violation No. (09/2021 Disciplinary Board) (137/2020 Authority) filed against: Equipment Holding Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating 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, due to its delay in providing the Authority until November 19, 2020 with the changes in the list of insiders, exceeding the five business days legal period, which is represented in the following: -
1. Deleting the name of Mr. Qais Mohammed Al-Nisf, BDO Al Nisf & Partners (Auditor), as of July 19, 2020.
2. Addition of Abdullatif Johar and Partners SAFI Kuwait firm, as of July 19, 2020.
The decision included the infliction of the following penalty: -
“The vioating Company is fined an amount of one thousand dinars for delay in correcting the insiders list”.
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 Laws 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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