CMA LAW: Announcement regarding the issuance of Disciplinary Board Resolution No. (02/2022 Grievances) (01/2022 Petitions) (01/2022 Boursa Kuwait Violations Committee) and the imposition of a Warning against: Al Ahli Bank of Kuwait for its violation of the provision of Article (9/28 – Item 3) of Boursa Kuwait Rulebook

Announcement regarding the issuance of Disciplinary Board Resolution No. (02/2022 Grievances) (01/2022 Petition) (01/2022 Boursa Kuwait Violations Committee) and the imposition of a warning against: Al Ahli Bank of Kuwait for its violation of the provision of Article (9/28 – Item 3) of Boursa Kuwait Rulebook.

For the following reasons:

The management of Boursa Kuwait assigned to Al Ahli Bank of Kuwait that, on 25/4/2022, it disclosed its confirmation of the entitlement of shares’ timetable that was announced through Boursa Kuwait’s website on 17/4/2022 and did not confirm the announcement of the entitlement or any change on the timetable prior to its maturity day specified on 11/5/2022 by eight business days prior to that which is on 24/4/2022 in a delay of one business day, which proves the bank’s violation of Article (9/28 – Item 3) of Boursa Kuwait Rulebook.

The Resolution included the following penalty:

“First: - The Board decided to accept the grievance in form and substance by amending the penalty decided by Boursa Kuwait Violations Committee regarding Violation (No. 1 of 2022) issued against the grievant bank to suspend trading on its shares in Boursa Kuwait Securities Exchange for ten days and replace it with the warning as a penalty.

Second: - Termination of the subject of the request (01/2022 Petitions) submitted by the Acting Head of Legal Sector.”

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.

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.