Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (18/2021 Disciplinary Board) (142/2020 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. (18/2021 Disciplinary Board) (142/2020 Authority) against: Umm Al Qaiwain General Investments Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provisions of Article (1-1) of Module Three (Enforcement of the Law) of the Executive Bylaws for Law No. 7 of 2010 and their amendments, for lack of commitment in providing the Authority with its requests related to the requirements for reviewing the financial statements for the year ending on December 31, 2019 and the financial statements for the period ending on June 30, 2020, which were represented by the detailed forms for the items included in the aforementioned financial statements, according to the emails of the Authority addressed to the Company in this regard on November 2, 2020, November 5, 2020, November 10, 2020 and November 15, 2020. However, to date, the aforementioned requirements have not been completed by the Company.
The decision included the infliction of the following penalty: -
“The Company is fined an amount of one thousand dinars, provided that the fine is renewed monthly, starting May 30, 2021 until the violation is corrected, for its failure to submit the requests of the Capital Markets Authority regarding the review of the financial statements”.
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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