CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (54/2015 Disciplinary Board) (82/2015 Authority)
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Wednesday 23/12/2015 on violation No. (54/2015 Disciplinary Board) (82/2015 Authority) filed against:
Al Dar Asset Management Company
That is by "canceling the license of the Company for all securities activities registered with the Capital Markets Authority, provided that it remains a safekeeper of clients’ funds until they are handed over to them or to those who have the capacity to hold, manage and preserve them.
The company has violated the following provisions:
Article (66/2) of the law, by not maintaining sufficient capital, as the company lost 95% of its capital,
And Article (69/1) regarding a non-delegated person managing a portfolio,
And Article (187) of the canceled Executive Bylaws by not having phone records of orders for some transactions,
And Article (181) of the canceled Executive Bylaws by not taking the necessary measures to prevent information leakage through allowing the person in charge of managing Al Dar Money Market Fund and Al Dar Real Estate Fund to make deals on financial portfolios.
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.