CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (57/2022 Disciplinary Board) (32/2022 Authority) and the imposition of a fine against: Amwal International Investment Company for violating the rules of Securities Activities and Registered Persons
Announcement regarding issuance of Disciplinary Board Resolution No. (57/2022 Disciplinary Board) (32/2022 Authority) and the imposition of a fine against: Amwal International Investment Company for violating the rules of Securities Activities and Registered Persons.
For the following reasons:
Amwal International Investment Company violated the provision of Item (7) of Article (1-18) of Module Five (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
The Company provided the Authority with the audited annual financial statements on 08/03/2021, but it did not hold the annual general assembly for the financial year ending on 31/12/ 2020 until 20/05/2021, exceeding the legal deadline by two months from the date of providing the Authority with the audited annual financial statements.
The Resolution included the infliction of the following penalty: -
“Amwal International Investment Company is fined an amount of one 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.