CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (34/2022 Disciplinary Board) (12/2022 Authority) and imposition of a fine against Ahli United Bank for violating the rules of Collective Investment Schemes
Announcement regarding issuance of Disciplinary Board Resolution No. (34/2022 Disciplinary Board) (12/2022 Authority) and imposition of a fine against Ahli United Bank for violating the rules of Collective Investment Schemes
For the following reasons:
1. Provision of Article (1-15) Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
2. Provision of Article (5-2-2) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No.7 of 2010 and their amendments:
Where it was proven to the Authority that Ahli United Bank, during May of 2017, marketed the Star Investment Structure Fund for its client Mr./…………… for the amount of 1 Million USD, where it is considered marketing of a collective investment scheme incorporated outside the State of Kuwait without obtaining the necessary licenses from the Authority
The Resolution included the infliction of the following penalty: -
“Ahli United Bank is fined an amount of twenty thousand Dinars for the violation and thirty thousand Dinars for the fees applicable at the time”.
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.