CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (43/2022 Disciplinary Board) (25/2022 Authority) and imposition of the penalty of warning against: Al-Bareeq Holding Company for violating the rules of Disclosure and Transparency
Announcement regarding the issuance of Disciplinary Board Resolution No. (43/2022 Disciplinary Board) (25/2022 Authority) and imposition of the penalty of warning against: Al-Bareeq Holding Company for violating the rules of Disclosure and Transparency.
For the following reasons: Provision of Item (2) of Article (3-5-1) Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, following the failure of Al-Bareeq Holding Company to update the Insiders Watch List in accordance with Appendix 5 “Corporate Insiders Watch List Form and its Updates” within the legally specified period of five business days. There was a change in its Insiders Watch List as of 10/06/2021, but the Company did not update the Insiders List until 23/01/2022.
The Resolution included the infliction of the following penalty: -
"Al-Bareeq Holding Company is warned against the consequences of repeating the 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.