Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (16/2019 Disciplinary Board) (13/2019 Authority)
Date Publish 09 May 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 09/05/2019 on violation No. (16/2019 Disciplinary Board) (13/2019 Authority) filed against:
Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners)
“The Company is fined an amount of KWD 2000 for the failure in completely separating between audit teams and advisory services teams.”
This punishment is due to the Company’s violation of provisions of Clause (2) of Article (3- 4- 6) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The company provided both advisory and external audit for the same clients at the same time.
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.