CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (105/2022) Disciplinary Board - (105/2022) Authority, and imposition of a Warning against: 1- First Securities Brokerage Company K.S.C.C (Oula Wasata) 2- Fahed Arif Al-Zawawi – representative of Securities Broker Activity in the Company for violating the rules of Securities Exchanges and Clearing Agencies and Trading Rules
Announcement regarding issuance of Disciplinary Board Resolution No. (105/2022) Disciplinary Board - (105/2022) Authority, and imposition of a Warning against:
1- First Securities Brokerage Company K.S.C.C (Oula Wasata)
2-Fahed Arif Al-Zawawi – representative of Securities Broker Activity in the Company
for violating the rules of Securities Exchanges and Clearing Agencies and Trading Rules
For the following reasons:
First: Provision of Article (1-5-6) of Module Four (Securities Exchanges and Clearing Agencies) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
Second: Provision of Article (9-4) of Chapter Nine (Trading Rules) of Boursa Kuwait Rulebook:
Where it was proven to the Authority, through video recordings, that the First Financial Brokerage Company allowed some clients to enter the place designated for trading operations by one of the brokers registered with the Authority as a representative of a securities broker activity registered in the Securities Exchange - Mr. Fahed Arif Al-Zawawi.
The Resolution included the infliction of the following penalty: -
" Levying a warning for each of First Securities Brokerage Company K.S.C.C (Oula Wasata) and Fahed Arif Al-Zawawi – representative of Securities Broker Activity to stop committing 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.