CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (130/2022 Disciplinary Board) (153/2022 Authority) and imposition of a fine against Tamdeen Investment Company for violating the rules of Conduct of Business and Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No (130/2022 Disciplinary Board) (153/2022 Authority) and imposition of a fine against:
Tamdeen Investment Company.
For violating the rules of Conduct of Business and Disclosure and Transparency.
For the following reasons:
First: Violation of the provision of Item (1) of Article (6-5) and Article (6-6) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to record one of the telephone conversations made between one of its clients and the Clients Portfolios Manager in which an order was received from such client.
Second: Violation of the provision of Paragraph (2/a) Item (5) of Appendix 1 (Standards of Record Keeping Systems) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments due to lack of an evidence that proves the date and time in which 2 orders were received from one of the Company’s clients.
Third: Violation of Item (10) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to disclose at Boursa Kuwait Securities Exchange the material information of signing a new bank facilities contract.
The Resolution included the infliction of the following penalty: -
"Levying a fine against Tamdeen Investment Company in an amount of KWD 2000 (two thousand Dinars) for the first and second violations for correlation, and an amount of KWD 5000 (five thousand Dinars) for the third 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.