CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution
Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 19/5/2016 on violation No. (19/2016 Disciplinary Board) (71/2016 Authority) filed against: Wafra International Investment Company.
That is by: "warning the Company of the consequences of repeating the violation by refraining from submitting the legally required reports to the CMA in the future".
This punishment is due to its violation of Article (65) of Law No 7 of 2010 on the Establishment of the Capital Markets Authority, and Article (5-3-2) item (2) of Chapter Five (Securities Investment Portfolios Rules) of Module Seven (Client’s Funds and Clients’ Assests) of the Executive Bylaws for not providing the CMA with the Fourth Annual report for the period which ended on 31/12/2015, which states the securities investment portfolios it manages, the value of each portfolio, and whether it is owned by a natural person or corporate body, in addition to the authorizations granted by clients to third parties regarding such portfolios for the period that ended on 31/12/2015.
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 rules 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.