CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (23/2022 Disciplinary Board) (212/2021 Authority) and the imposition of a fine against each of: First: - Rasameel Investment Company, Second: - Mr. Bader Adel Al-Abduljader – (Ernst & Young Office-Al-Aiban, Al-Osaimi & Partners) for violating the rules of Conduct of Business and Clients’ Funds and Clients’ Assets
Announcement regarding issuance of Disciplinary Board Resolution No. (23/2022 Disciplinary Board) (212/2021 Authority) and the imposition of a fine against each of: First: - Rasameel Investment Company, Second: - Mr. Bader Adel Al-Abduljader – (Ernst & Young Office-Al-Aiban, Al-Osaimi & Partners) for violating the rules of Conduct of Business and Clients’ Funds and Clients’ Assets.
Announcement regarding issuance of Disciplinary Board Resolution No. (23/2022 Disciplinary Board) (212/2021 Authority) and the imposition of a fine against each of:
First: - Rasameel Investment Company.
Second: - Mr. Bader Adel Al-Abduljader – (Ernst & Young Office-Al-Aiban, Al-Osaimi & Partners).
For violating the rules of Conduct of Business and Clients’ Funds and Clients’ Assets.
For the following reasons:
1- Rasameel Investment Company:
Violated provision of Article (7-2) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments as well as Items (2) and (4) of Article (7-4) of the same Module:
It was proven to the Authority in a strict manner by viewing the ongoing accounts of the Company through some of the social media platforms (Twitter - Instagram) the existence of promotions prepared by the Company and published through the Company’s official accounts on the social media platforms that do not include some of the requirements stipulated in the Articles mentioned above.
2- Mr. Bader Adel Al-Abduljader – (Ernst & Young Office-Al-Aiban, Al-Osaimi & Partners):
Violated provision of Article (2-5) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
It was proven to the Authority in a strict manner by viewing the report of ensuring the compliance of Rasameel Investment Company with the provisions of Module Seven (Clients’ Funds and Clients’ Assets) prepared on the financial year that ended on 31/03/2021 that the report did not include the noncompliance of the Company mentioned above with the provision of Article (5-3-1) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments as it was proven to the Authority that the Company did not immediately notify the portfolios’ clients of the matters.
The Resolution included the infliction of the following penalty: -
“First: Rasameel Investment Company is fined an amount of one thousand Dinars for the attributed violation.
Second: Mr. Bader Adel Al-Abduljader (Ernst & Young Office-Al-Aiban, Al-Osaimi & Partners) is fined an amount of one thousand Dinars 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 rules 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.