CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (89/2022 Disciplinary Board) (97/2022 Authority) and imposition of a fine against Sword Capital Financial Brokerage Company for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments and the Rules of Securities Activities and Registered Persons.
Announcement Regarding Issuance of Disciplinary Board Resolution No. (89/2022 Disciplinary Board) (97/2022 Authority) and imposition of a fine against Sword Capital Financial Brokerage Company for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments and the Rules of Securities Activities and Registered Persons.
For the following reasons:
- Provision of Item (6) of Article (2-3) of Module Sixteen.
- Provision Article (3-5) of the same aforementioned Module.
- Provision Article (3-9) of the same aforementioned Module.
- Provision of Article (3-16) of the same aforementioned.
- Provision of Items (2,3) of Article (3-18) of the same aforementioned Module.
- Provision of Item (1) of Article (4-4) of the same aforementioned Module.
- Provision of Article (6-1) of the same aforementioned Module.
- Provision Article (7-6) of the same aforementioned Module.
- Noting that these violations are procedural and not substantive.
- The Company repeated not complying with the provision of Article (1-35) of Module Five (Securities Activities and Registered Persons)
The Resolution included the infliction of the following penalty: -
“Sword Capital Financial Brokerage Company is fined an amount of five thousand Dinars for the first and fourth violation, and an amount of ten thousand Dinars for the second, third, fifth, sixth violations, and an amount of two thousand Dinars for each of the seventh and eighth violation and an amount of five thousand Dinars for the ninth 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.