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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (6/2019 Disciplinary Board) (184/2018 Authority)
Date Publish 07 February 2019


The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 7/2/2019 on violation No. (6/2019 Disciplinary Board) (184/2018 Authority) filed against:

Gulf Bank

That is by "warning the Bank of the necessity to comply with the law in the future."

This punishment is due to the Company’s violation of the provisions of Article (3-2-11) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as a result of the expiration of the senior executives position and the position of representative of the activity of Subscription Agent at Gulf Bank on 31/10/2018 ,and failure of the Bank to occupy the position of Senior Executives, which was finalized by the Authority on 17/12/2018, after the approval of the Bank’s nomination request sent to the Authority of the mentioned position and failure of the Bank to send another nomination request to the Authority to date, as well as not filling the position of representative of the activity of the Subscription Agent, in spite of the Authority’s approval of the nomination request submitted by the Bank for this position as this job has not been registered with the Authority to date.

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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