CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (57/2023) Disciplinary Board - (66/2023) Authority and imposition of a warning against: Azyan Capital Company for violating the Provisions of Capital Adequacy Regulations for Licensed Persons, and CMA Circulars

Announcement regarding issuance of Disciplinary Board Resolution No. (57/2023) Disciplinary Board - (66/2023) Authority and imposition of a warning against:

 Azyan Capital Company

for violating the Provisions of Capital Adequacy Regulations for Licensed Persons, and CMA Circulars

For the following reasons: 

(First) Violation of provisions of Article (2-3) of Module Seventeen (Capital Adequacy Regulations for Licensed Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, (Second) Circular No. (9) of 2022 Regarding the Mechanism of Preparing and Submitting the Capital Adequacy Forms for Licensed Persons. (Third) Circular No. (6) of 2017 Regarding Reviewed Periodical Financial Statements and Annual Audited Financial Statements, due to the Company’s failure to submit the Capital Adequacy Regulations report and the financial statements to CMA for the financial period that ended on 31/03/2023 during the legal period.

The Resolution included the infliction of the following penalty: -

"First: - Levying a warning on Azyan Capital Company for the attributed violation and considering it non-repetition in the future.”

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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