Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (12/2021 Disciplinary Board) (127/2020 Authority)
Date Publish 20 April 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Tuesday April 20, 2021 on violation No. (12/2021 Disciplinary Board) (127/2020 Authority) filed against: Kuwait Investment Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provision or Article (2-1) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Laws No. 7 of 2010 and their amendments. The defendant Company executed the client’s request (Portfolio No. 100158) relevant to transferring an amount of KWD 566,305 (five hundred sixty six thousand and three hundred and five Kuwaiti Dinars) from the portfolio’ s account to execute the transaction on January 28, 2020, which resulted in the portfolio being overdrawn in an amount of KWD 2,636 (two thousand six hundred and thirty six Kuwait Dinars). The overdrawn account was not covered until April 19, 2020.
The decision included the infliction of the following penalty: -
“The Company is fined an amount of KWD 2000 (two thousand) for the attributed 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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