CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (13/2017 Disciplinary Board) (32/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 23/3/2017 on violation No. (13/2017 Disciplinary Board) (32/2017 Authority) filed against:
International Financial Advisors (IFA)
The violating Company shall pay a fine of KWD 4000 for not abiding by occupying the registered employment positions within the legally defined period.
This punishment is due to violating Article (3-2-11) 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, for not abiding by occupying some vacant registered employment positions within the legally defined period for the following positions: (representative of an Investment Portfolio Manager - representative of a Collective Investment Scheme Manager - representative of a Custodian - representative of a Subscription Agent)
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.