CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (53/2024 Disciplinary Board) – (49/2024 Authority) and imposition of a fine against: Health Assurance Hospitals Company for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (46/2024 Disciplinary Board) – (33/2024 Authority) and imposition of a fine against: Health Assurance Hospitals Company for violating the Listing Rules.

For the following reasons:
Violating the provisions of Article (2-1-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments. The Company failed to comply with the requirements of CMA Resolution No. “B.C.A. 17-38 of 2018” issued on 12/12/2018, due to its failure to provide the Authority with the semi-annual report on the latest developments regarding its procedural and financial position, as it did not provide the Authority with the required report until more than six months had passed since submitting its last report on 26/09/2023, furthermore the last report was submitted in a manner that does not reflect the required information and data in a detailed and clear manner regarding the Company’s procedural and financial position.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Health Assurance Hospitals Company in an amount of KWD 2,000 (two 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 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.