Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (11/2021 Disciplinary Board) (122/2020 Authority)
Date Publish 08 April 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday April 8, 2021 on violation No. (11/2021 Disciplinary Board) (122/2020 Authority) filed against: CapCorp Investment Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the following:
1. Provision of Article (3-2-10) and Article (3-3-9) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, due to the Company's lack of commitment in cancelling the registration of its board of directors which resigned in the ordinary general assembly of the Company for the financial year ending on December 31, 2018 held on September 25, 2019 by submitting requests to amend board members’ data through the Authority’s electronic portal according to the form “Application for Cancellation of the Registration of Registered Positions and Employment Positions for Licensed Persons” included in Appendix (16) of the same Module mentioned.
2. Provisions of Article (3-2-3), Article (3-2-5), Item No. (1) of Article (3-3-8), and Paragraph (D) “Registration of Registered Positions” of Appendix (4) " Mechanism of Submitting Nomination and Registration Application” from the same aforementioned Module, due to the Company's lack of commitment in providing the Authority with a final To Whom It May Concern certificate issued by the Ministry of Commerce and Industry for members of the Board of Directors who were elected on September 25, 2019, and not registering them by submitting amendment requests of Board members' data through the Authority’s electronic portal in accordance with the form “Application for Registration of Registered Positions and Employment Positions for Licensed Person” contained in Appendix (14) of the same aforementioned Module.
The decision included the infliction of the following penalty: -
“The Company is fined an amount of two thousand dinars for each violation”.
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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