Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (12/2019 Disciplinary Board) (5/2019 Authority)
Date Publish 11 April 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 11/04/2019 on violation No.(12/2019 Disciplinary Board) (5/2019 Authority) filed against:
Kuwait Financial Centre 'Markaz' – as Fund Manager of Gulf Real Estate Fund
“The Company shall be fined a total of KWD 1,000 for its delay in notifying the Capital Markets Authority regarding the vacancy of the External Auditor position and the delay in submitting another employment request on the specified legal period”
The punishment is due to violating the provision of Article (2-20) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. For failing to notify the Authority of the vacancy of External Auditor since the vacancy date on 05/07/2018 within a period of five working days, as well as not submitting a request to employ another External Auditor for the fund upon vacancy of the position within fifteen working days from the end of the notice period provided for in the article above to date, and only notified the Authority of filling the position on 30/12/2018.
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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