CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (55/2023 Disciplinary Board) (74/2023 Authority) and imposition of a fine against: Real Estate Trade Centers for violating the Rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (55/2023 Disciplinary Board) (74/2023 Authority) and imposition of a fine against:

Real Estate Trade Centers

for violating the Rules of Disclosure and Transparency.

For the following reasons:

Violation of 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. It was proven to the CMA that a change in the insiders watch list in Real Estate Trade Centers was made and the Company failed to disclose this change within five business days from its occurrence, the change was not adding the name of the auditor in the list.

The Resolution included the infliction of the following penalty:

 “Levying a fine on Real Estate Trade Centers in an amount of KWD 1,000 (one 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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