Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (13/2021 Disciplinary Board) (136/2020 Authority)
Date Publish 27 April 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Tuesday April 27, 2021 on violation No. (13/2021 Disciplinary Board) (136/2020 Authority) filed against: Fayez Obaid Menfi Mohammed.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provision of paragraph (c) of item (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Laws No. 7 of 2010 and their amendments, which stipulated the following:
“The following acts shall be included amongst the Violations, for which any Person shall be accountable in a disciplinary manner. The Disciplinary Board shall be entitled to apply financial penalties or other Penalties if any of the following acts are committed:
6. Entering, cancelling, or amending orders consecutively and intensively to achieve the following:
c. Mislead traders concerning trading or price of a listed Security”.
He misled traders in the Exchange on the shares of AAN Digital Services Holding Company (ANN) during the trading sessions dated October 14, 18, 19, 2020. He made a profit of KD 462 (four hundred and sixty-two Kuwaiti dinars) from his violating trades.
The decision included the infliction of the following penalty: -
“The defendant Fayez Obaid Menfi Mohammed is fined an amount of one thousand Kuwaiti Dinars for the attributed violation, and he is obliged to return an amount equal to the benefit that he received, which is KD 462”.
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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