CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (77/2022 Disciplinary Board) (84/2022 Authority) and imposition of a fine against: National Investments Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (77/2022 Disciplinary Board) (84/2022 Authority) and imposition of a fine against: National Investments Company for violating the rules of Disclosure and Transparency
For the following reasons:
For Violating the Provision of Articles (4-6-3), (4-6-5) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was conclusively proven to the Authority that the Company’s disclosure on 08/05/2022 regarding the withdrawal from its direct and indirect ownership in an unlisted shareholding company did not specify sufficient information and data, and the Company did not comply with the Authority’s directions to re-disclose in the securities exchange using the additional disclosure form and mentioning the name of the Company from which the withdrawal was made.
The Resolution included the infliction of the following penalty: -
" National Investments Company is fined an amount of twenty 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 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.