CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (70/2021 Disciplinary Board) (86/2021 Authority) and imposition of the penalty of (warning) against Protiviti Member Firm Kuwait Company for violating the rules regarding the audited interim and audited annual financial statements and financial reports.
Announcement regarding issuance of Disciplinary Board Resolution No. (70/2021 Disciplinary Board) (86/2021 Authority) and imposition of the penalty of (warning) against Protiviti Member Firm Kuwait Company for violating the rules regarding the audited interim and audited annual financial statements and financial reports.
For the following reasons:
This is for violating the provisions contained in Circular No. (6) of 2019 regarding audited interim and audited annual financial statements and financial reports (circular to all persons licensed to practice securities activities, except for investment funds and local banks), for the Company’s failure to provide the Authority with audited annual financial statements for the financial year ending on 31/12/2020 during the period specified pursuant to Circular No. (6) of 2019, which was extended in accordance with Resolution No. (37) of 2021 until 30/04/2021, and its delay in submitting this data until 25/05/2021.
The Resolution included the infliction of the following penalty: -
“Warning Protiviti Member Firm Kuwait Company not to commit the violation again”.
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.