CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (113/2022 Disciplinary Board) (133/2022 Authority) and imposition of a fine against GFH Financial Group Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (113/2022 Disciplinary Board) (133/2022 Authority) and imposition of a fine against GFH Financial Group Company for violating the rules of Disclosure and Transparency
For the following reasons:
For violating the provisions of Item 2 of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, based on the lack of commitment of the referred Company to update the list of insiders it has within five business days.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against GFH Financial Group Company an amount of KWD 10,000 (ten 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.