Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (71/2016 Disciplinary Board) (186/2016 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 3/11/2016 on violation No. (71/2016 Disciplinary Board) (186/2016 Authority) filed against: 

Industrial & Financial Investments Co.

The Company shall "First: pay a fine of KWD 2000 for appointing a liquidator for the Company without obtaining the Authority’s approval. Second: suspending the liquidator/ Hussain Abdullah Ahmed Johar from his work as liquidator for the Company until the Authority’s approval is obtained. 

This punishment is due to the Company's violation of Article (1-22) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 on the Establishment of the Capital Markets Authority. The Company appointed the Vice Chairman/CEO Mr. Hussain Abdullah Ahmed Johar as liquidator for the Company without applying to the Authority to obtain its approval before his appointment.   
 
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.