Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (88/2022 Disciplinary Board) (77/2022 Authority) and imposition of a fine against Kab Kuwait Group Financial Brokerage Company for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments

Announcement Regarding Issuance of Disciplinary Board Resolution No. (88/2022 Disciplinary Board) (77/2022 Authority) and imposition of a fine against Kab Kuwait Group Financial Brokerage Company for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

For the following reasons:

1. Provision of Items (1,2,3,7) of Article (2-3) of Module Sixteen.
2. Provision Article (2-8) of the same aforementioned Module and the aforementioned Executive Bylaws.
3. Provision Article (3-5) of the same aforementioned Module and the aforementioned Executive Bylaws.
4. Provision of Item (1,2,3) of Article (3-8) of the same aforementioned Module and the aforementioned Executive Bylaws.
5. Provision Article (3-9) of the same aforementioned Module and the aforementioned Executive Bylaws.
6. Provision of Item (2) of Article (3-18) of the same aforementioned Module and the aforementioned Executive Bylaws.
7. Provision of Items (2,5) of Article (3-19) of the same aforementioned Module and the aforementioned Executive Bylaws.
8. Provision Article (3-37) of the same aforementioned Module and the aforementioned Executive Bylaws.
9. The Company repeated not complying with the provision of Article (4-1) of the aforementioned Module.
10. Provision of Item (1) of Article (4-4) of the aforementioned Module.
11. Provision Article (4-5) of the same aforementioned Module and the aforementioned Executive Bylaws.
12. Provision Article (5-13) of the same aforementioned Module and the aforementioned Executive Bylaws.
13. The Company repeated not complying with the provision of Article (6-1) of the aforementioned Module.
14. Provision Article (7-3) of the same aforementioned Module.
15. Provision of Items (1,3,6) of Article (7-5) of the same aforementioned Module.

• Noting that these violations are procedural and not substantive.

The Resolution included the infliction of the following penalty: -

“Kab Kuwait Group Financial Brokerage Company is fined an amount of five thousand Dinars for the first and fifteenth violation, and an amount of five thousand Dinars for each of the second, eleventh, twelfth, fourteenth violations, and an amount of twenty thousand Dinars for the other violations.”

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.