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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (98/2018 Disciplinary Board) (155/2018 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. (98/2018 Disciplinary Board) (155/2018 Authority) filed against:

AlMadar Finance & Investment Company

“the company shall be fined KWD 2000 for each of the violations (first, second, fourth, fifth, seventh, eighth) assigned to it”

The penalty is due to the violation of the following:

-  Provisions of Article (3-2-10) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, for failure to notify the Authority of accepting the resignation of Mr. Waleed Abdul Rahim Al-Asfour and Mr. Antar Alsaid Gad during the specified period of five business days of accepting the resignation.

- Provisions of Article (3 - 2 – 11) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law mentioned above, for failing to notify the Authority when assigning the Vice Chief Executive to perform the tasks of the Chief Executive Officer by approving the signature of the financial statements for the year ending on 31/12/2017 within five business days from issuing the delegation decision.

- Provisions of Articles (5-3-2) and (5-5-1) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of the Law mentioned above, for failure to provide the Authority with periodic reports of forms (1), (3), (4) and (5) for the period ending on 28/2/2018, which are attached in Appendix No. (2) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of the Law mentioned above.

- Provisions of Clause (5) of Article (3-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of the Law mentioned above, for not obtaining an acknowledgment from Mr. Fahad Mohammed Al - Ajmi and Mr. Talal Ali Al-Ilaj for their membership in the temporary committee and the fact that they are in the list of insiders with the company, which was submitted to the Authority on 2/04/2018.

- Provisions of Article (3 - 5 - 1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of the Law mentioned above, for:

a. Did not list the representatives of the activity of investment portfolio manager, the internal sharia auditor and the external sharia auditor in the list of insiders of the company.

B. Did not update the list of people who no longer hold insider status.

- Provisions of Clause (9) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of the Law mentioned above, for failing to disclose to the Stock Exchange and the Authority the approval of its Board of Directors on the resignation of two of its members, Mr. Walid Abdul Rahim Al Asfour and Mr. Antar Alsaid Gad.

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.

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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