Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (96/2018 Disciplinary Board) (163/2018 Authority)
Date Publish 03 January 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 3/1/2019 on violation No. (96/2018 Disciplinary Board) (163/2018 Authority) filed against:
AlMadar Financing & Investment Company
"The Company will be fined KWD 2,000 for failure to meet the requirements and observations of the Central Bank before submitting their financial statements to the Capital Markets Authority and disclose them "
This penalty is due to the violation of the instructions of the Capital Markets Authority, which is sent to it under the letter dated 31/7/2017 on reviewing the financial statements of licensed persons, which obliged all companies engaged in dealing in securities and finance subject to the supervision of the CMA and the Central Bank shall take into account the fulfillment of the Central Bank's observations and requirements regarding the financing portfolio before submitting and disclosing the reviewed periodical financial statements and annual audited financial statements to the Authority.
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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