CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (69/2022 Disciplinary Board) (34/2022 Authority) and imposition of a fine against: Gulf Franchising Holding Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (69/2022 Disciplinary Board) (34/2022 Authority) and imposition of a fine against: Gulf Franchising Holding Company for violating the rules of Disclosure and Transparency
For the following reasons:
Provision of Articles (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was proven to the Authority that there had been a change in the Company’s insiders, by removing the Protiviti Consulting Firm on March 20, 2019, while the Company’s disclosure on this regard was on January 11, 2022.
The Resolution included the infliction of the following penalty: -
" Gulf Franchising Holding Company is fined an amount of five 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.