Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (99/2018 Disciplinary Board) (166/2018 Authority)
Date Publish 10 January 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday10/1/2019 on violation No. (99/2018 Disciplinary Board) (166/2018 Authority) filed against:
Kuwait Bahrain International Exchange Company
“the company shall be fined KWD 2000 for each of the two violations assigned to it, for the delay in disclosing the periodical financial statements and for holding the general assembly within the period specified in the Bylaws”
The penalty is due to the violation of the provisions of (a, d) of Article (1-18) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, for not disclosing to the Exchange the periodical financial statements for the period ending 30/9/2018 during the period specified (forty-five days from the end of the period set forth in the statement), as its disclosure was made only on 18/12/2018, as well as its failure to hold the annual general assembly following the end of the financial year within two months from the date of disclosure of its audited financial statements annual report on 27/5/2018, where it did not hold the general assembly until 03/12/2018.
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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