CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (40/2023) Disciplinary Board (58/2023) Authority, and imposition of a fine against: Umm Al Qawain General Investments Company for violating the Rules of Disclosure and Transparency of the Executive Bylaws of Law No. 7 of 2010 and their Amendments

Announcement regarding issuance of Disciplinary Board Resolution No. (40/2023) Disciplinary Board (58/2023) Authority, and imposition of a fine against:

Umm Al Qawain General Investments Company

for violating the Rules of Disclosure and Transparency of the Executive Bylaws of Law No. 7 of 2010 and their Amendments

For the following reasons:

Violating the provision of Item 16 of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, it was proven to the Authority the Company’s failure to disclose the financial impact resulting from the revaluation of the property located in the United Arab Emirates, which led to a decrease in its value by an estimated amount of 117,499,200 U.A.E Dirhams.

The Resolution included the infliction of the following penalty: -

“First: Levying a fine on Umm Al Qawain General Investments Company in an amount of KWD 2,000 (two 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.

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