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Title: Announcement Regarding Issuance of Disciplinary Board Resolution
Date Publish
07 January 2016
Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 7/1/2016 on violation No. (1/2016 Disciplinary Board) (138/2015 Authority) filed against: Al-Dar Asset Management Company – in its capacity as manager of Al-Dar Real Estate Fund.
That is by "imposing a penalty on the Company by complying it to pay KD5000 for not abiding by the controls of investing in real estate funds".
This punishment is due to, the Company's violation of Articles (2/1) of Resolution No. 8 of 2012 on the controls of investing in real estate funds (canceled) which corresponds to item (3) of paragraph (4) of attachment (5) of appendix (4) of Module Thirteen (Collective Investment Schemes) of the new Executive Bylaws. The Company purchased the right of usufruct of a real estate for the interest of the fund and did not register the same under the fund’s name.
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.
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