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. (21/2016 Disciplinary Board) (84/2016 Authority) filed against: GFH Financial Group (Formerly known as Gulf Finance House).
That is by “warning the Company of the consequences of not complying with International Accounting Standards in the future”
This punishment is due to, the Company’s violation of Articles (1-8) of Chapter One of Module Thirteen (Listing Rules) of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority, for not preparing the financial statements according to International Accounting Standards for the period which 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.