CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (108/2022 Disciplinary Board) (86/2022 Authority) and imposition of a fine against Kuwait Finance House (KFH) for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (108/2022 Disciplinary Board) (86/2022 Authority) and imposition of a fine against Kuwait Finance House (KFH) for violating the rules of Disclosure and Transparency
For the following reasons:
1. Provision of Item (9) of Article 4-1-1 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 conclusively that the bank did not disclose the resignation of the General Manager of Risk Management of the group dated 21/07/2020.
2. Provision of Article 4-2-1 of the same Module:
As it was proven to the Authority conclusively that the Bank was late in disclosing the resignations of a number of members of the executive management.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Kuwait Finance House (KFH) an amount of KWD 10,000 (ten thousand Dinars) for the second attributed violation, and dismissing the case, otherwise, as stated in the reasons”.
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.