CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (42/2023) Disciplinary Board - (53/2023) Authority and imposition of a fine against: Azyan Capital Company for violating the Provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments, and the Provisions of Circular No. (16) of 2022 issued by The Capital Markets Authority

Announcement regarding issuance of Disciplinary Board Resolution No. (42/2023) Disciplinary Board - (53/2023) Authority and imposition of a fine against:

Azyan Capital Company

for violating the Provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments, and the Provisions of Circular No. (16) of 2022 issued by The Capital Markets Authority

For the following reasons: 

(First) Violation of provisions of Item No. (5) of Article (7-5) of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments. (Second) the provisions of Circular No. (16) of 2022 issue by the Capital Markets Authority. The Company’s failure to provide the Authority with, no later than 01/03/2023, an  annual  report  of  the  Licensed  Person setting  out  all  actions  that  have  been  taken  to  implement  the  internal  policies,  procedures  and controls and any proposals for increasing the effectiveness and efficiency of the procedures related to the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments to date, despite the fact that the CMA announced the obligation of complying to the above-mentioned circular by its website to all licensed persons on 28/12/2022.
 

Noting that the violations of provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments are procedural and not substantive.

The Resolution included the infliction of the following penalty: -
"First: - Levying a fine on Azyan Capital Company in an amount of KWD 1,000 (one thousand Kuwaiti 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 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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