CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (55/2024) Disciplinary Board (55/2024 Authority) and imposition of a fine against: National Real Estate Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (55/2024) Disciplinary Board (55/2024 Authority) and imposition of a fine against: National Real Estate Company for violating the rules of Disclosure and Transparency

For the following reasons:
Violation of the provision of Item (2) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to comply, as an insider of a company, to disclose the sale of 770,000 shares and the purchase of 300,000 shares of a company’s shares on 16/05/2024, as the Company did not disclose these transactions until 29/08/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine against National Real Estate 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 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.

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