CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (45/2022 Disciplinary Board) (16/2022 Authority) and imposition of a fine against: Advanced Technology Company for violating the rules of Disclosure and Transparency
Announcement regarding the issuance of Disciplinary Board Resolution No. (45/2022 Disciplinary Board) (16/2022 Authority) and imposition of a fine against: Advanced Technology Company for violating the rules of Disclosure and Transparency.
For the following reasons: Provision of Item (2) of Article (3-5-1) Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to update the Insiders Watch List in accordance with Appendix 5 “Corporate Insiders Watch List Form and its Updates” within the legally specified period of five business days. There was a change in the Insiders Watch List since 31/12/2017, but the Company did not update the list until 10/01/2022, by which exceeding the legally specified period by five business days since the occurrence of the change.
The Resolution included the infliction of the following penalty: -
"Advanced Technology Company is fined an amount of two thousand Kuwaiti 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 Laws 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.