Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (29/2019 Disciplinary Board) (43/2019 Authority)
Date Publish 27 June 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 02/06/2019 on violation No. (29/2019 Disciplinary Board) (43/2019 Authority) filed against:
Ahli Capital Investment Company
“The Company is fined an amount of KWD 3000 for the delay in notifying the CMA of the agenda, date and place of the general assembly.”
The punishment is due to violating the provision of Clause (8) of Article (1-18) of Module Five (Securities Activities & Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, and the provisions of circular (7) of 2017 regarding general assemblies. The company did not notify the CMA of the agenda, date and place of the general assembly held on 31/03/2019 attached with all the documents related to the items listed on the agenda at least ten business days prior to the commencement of the meeting. However, the company notified the CMA on 27/03/2019, which means only two business days before the meeting of the ordinary general assembly.
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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