CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (86/2021 Disciplinary Board) (77/2021 Authority) and imposition of a fine of 5 thousand Dinars against KFIC Financial Brokerage Company for violating the rules of Clients' Funds and Clients' Assets.
Announcement regarding issuance of Disciplinary Board Resolution No. (86/2021 Disciplinary Board) (77/2021 Authority) and imposition of a fine of 5 thousand Dinars against KFIC Financial Brokerage Company for violating the rules of Clients' Funds and Clients' Assets.
For the following reasons:
This is for violating the provision of Item No. (1) of Article (5-4-2) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company established an investment portfolio of securities at a company and renewed this contract on 23/ 3/2021, despite obtaining a license from the Authority on 8/11/2018 to practice the activity of an Investment Portfolio Manager.
The Resolution included the infliction of the following penalty: -
“KFIC Financial Brokerage Company is fined an amount of five thousand Dinars for the attributed violation”.
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.