CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (12/2023) Disciplinary Board - (110/2022) Authority, and imposition of a fine against each of: 1- Watani Investment Company (K.S.C closed) - 2- Faisal Abdullatif Al-Hamad in his capacity as the former chairman of the Board of Directors of Watani Investment Company- 3- Jasmin Kohina in her capacity as the Compliance Officer of Watani Investment Company

Announcement regarding issuance of Disciplinary Board Resolution No. (12/2023) Disciplinary Board - (110/2022) Authority, and imposition of a fine against each of:

1. Watani Investment Company (K.S.C closed)
2. Faisal Abdullatif Al-Hamad in his capacity as the former chairman of the Board of Directors of Watani Investment Company
3. Jasmin Kohina in her capacity as the Compliance Officer of Watani Investment Company

for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments.

For the following reasons:

1. Violating the provision of Article (5-1) of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments
2. Violating the provision of Article (5-2) of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments
3. Violating the provision of Item(l) of paragraph No. (1) of Item (6) of Article (2-3) of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments

Note that these violations are procedural, not objective.

The Resolution included the infliction of the following penalty: -

First- Levying a warning against Watani Investment Company for the fourth, fifth, and sixth violations due to correlation, and the dismissal of the disciplinary case with regard to the first three violations.

Second: Levying a warning for the attributed violation against each of:

1. Faisal Abdullatif Al-Hamad- in his capacity as the former chairman of the Board of Directors of Watani Investment Company
2. Jasmin Kohina - in her capacity as the Compliance Officer of Watani Investment Company

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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