Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (22/2019 Disciplinary Board) (30/2019 Authority)
Date Publish 02 June 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Sunday 02/06/2019 on violation No. (22/2019 Disciplinary Board) (30/2019 Authority) filed against:
Bayan Investment Company.
“The Company is fined an amount of KWD 3000 for not complying with the international accounting standards.”
This punishment is due to the Company’s violation of provisions of Article (68) of Law No. 7 of 2010 and its amendments, and Article No. (2-1-1) of Module 5 (Securities Activities and Registered Persons) of the Executive Bylaw of the same law. The company evaluated the financial assets using a fair value through the other comprehensive income in an amount of KWD 2,833,037 (two million, eight hundred and thirty three thousand, and thirty-seven KWD) according to the latest financial statements that are available for the investing companies, which is incompatible with the requirements of the international standard of the financial statements No. (13: measuring the fair value) on the financial year ending in 31/12/2018.
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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