Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (30/2019 Disciplinary Board) (37/2019 Authority)
Date Publish 11 July 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 11/07/2019 on violation No. (30/2019 Disciplinary Board) (37/2019 Authority) filed against:
Global Investment House in its capacity as the Fund Manager of Global Al Mamoun Fund
“The Company is fined an amount of KWD 1000 for each of the violations committed for assigning tasks to the auditor before entering into a contract with him, not notifying the CMA of the vacancy of the auditor’s position, and not requesting the appointment of another one.”
The Company has violated the following provisions:
1.Clause (2) of Article (2-13) o Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendment. The company assigned the work of reviewing the quarterly financial statements of the first quarter ending on 30/09/2018 to Mr. Bader Abdullah Al-Wazzan - Deloitte & Touche (Al Wazzan & Co) before the official stipulation with him on 14/11/2018.
2.Article (2-20) of the same Module of the Executive Bylaws of the previously mentioned Law. The company, being the one responsible to notify the CMA and the Unit holders within the legally specified periods, delayed in notifying them regarding the vacancy of an external auditor for the Fund to date. The company also delayed in applying at the CMA for the mentioned vacant position until 14/03/2019, the date in which Mr. Bader Abdullah Al-Wazzan - Deloitte & Touche (Al Wazzan & Co) notified the CMA of filling the mentioned position.
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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