CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (100/2022 Disciplinary Board) (119/2022 Authority) and imposition of a fine against Firas Adnan Tawfiq Qaddumi - Assistant General Manager of Boubyan Bank for violating the rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (100/2022 Disciplinary Board) (119/2022 Authority) and imposition of a fine against Firas Adnan Tawfiq Qaddumi - Assistant General Manager of Boubyan Bank for violating the rules of disclosure and transparency.

For the following reasons: 

1) Provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

2) Provision of Item (2) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

As an insider at Boubyan Bank (Assistant General Manager - Boubyan Bank), he carried out the sale of 10,000 shares of the bank's shares on 19/07/2022 during the period of the ban on dealing for insiders for the second quarter of the financial year 2022, which ends on 20/07/2022, as well as his delay in disclosing the aforementioned sale process within two business days starting from the date of the transaction (at the latest before the trading session of the third day), which ends before the start of the trading session on 21/07/2022, as his disclosure regarding the aforementioned transaction was dated 24/7/2022.

The Resolution included the infliction of the following penalty: -

" Levying a financial fine against  Firas Adnan Tawfiq Qaddumi - Assistant General Manager of Boubyan Bank an amount of KWD 3,000 (three 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.

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