CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (104/2022) Disciplinary Board - (93/2022) Authority and imposition of a Warning against each of: 1- Boursa Kuwait Securities Exchange Company, 2- Hamad Meshari Ahmad Al-Humaidhi in his Capacity as the Chairman of the Board of Directors for violating the rules of Disclosure and Transparency and Corporate Governance

Announcement regarding issuance of Disciplinary Board Resolution No. (104/2022) Disciplinary Board - (93/2022) Authority and imposition of a Warning against each of:

1- Boursa Kuwait Securities Exchange Company

2- Hamad Meshari Ahmad Al-Humaidhi- in his Capacity as the Chairman of the Board of Directors

for violating the rules of Disclosure and Transparency and Corporate Governance

For the following reasons: 

First: - Boursa Kuwait Securities Exchange Company

1.Violating the provision of Item (2) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

 as the Company did not include persons as part of its list of insiders.

2. Violating the provision of Article (11-8) of Module Fifteen (Corporate Governance), as it was revealed to the CMA that the Company did not disclose a complete report according to the characteristics stipulated in Article (11-9) of the same Module.

Second: Hamad Meshari Ahmad Al-Humaidhi

Violating the provision of Item (3,6) of Article (2-5) of Module Fifteen (Corporate Governance) of the same Executive Bylaws, as the following was revealed to the CMA:

The Company did not provide its Board of Directors with invitations and agendas for Board meetings mentioned below:

The Resolution included the infliction of the following penalty: -

"First: Levying a warning to stop committing the two violations attributed to Boursa Kuwait Securities Exchange.

Second: Levying a warning to stop committing the attributed violation to Hamad Meshari Ahmad Al-Humaidhi – Chairman of the Board of Directors of Boursa Kuwait Securities Exchange.”

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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