CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (12/2017 Disciplinary Board) (33/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Monday 9/3/2017 on violation No. (12/2017 Disciplinary Board) (33/2017 Authority) filed against:
National Finance Brokerage Company
That is by suspending Mr. Abdulaziz Abdullah Alghanim from his work as CEO of National Finance Brokerage Company until completing the registration procedures for such position at the CMA.
This punishment is due to violating Article (3-2-3) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. They’ve appointed the CEO of the company Mr. Abdulaziz Abdullah Alghanim on 24/11/2016 without submitting an “Application for Nomination for Registered Positions and Employment Positions for Licensed Persons in accordance with Fit and Proper Rules”, which is included in Appendix (10) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 on the Establishment of the Capital Markets Authority. The appointment was only announced later on 18/12/2016, provided that the submitted application did include all the required information.
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.