Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (33/2017 Disciplinary Board) (89/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 06/07/2017 on violation No. (33/2017 Disciplinary Board) (89/2017 Authority) filed against:
 
EQUIPMENT HOLDING CO. 

“The Company shall pay a fine of KWD 3000 for not submitting the annual report of the evaluation and review of the internal audit systems”. 

This punishment is due to the Company’s violation of Article (6-9) of Chapter Six - Rule V “Apply Sound Systems of Risk Management and Internal Audit” of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, and Circular No. (11) of 2016 on the report of evaluating and reviewing the internal audit systems, relevant to compliance with Module Fifteen mentioned above, for not providing the Authority with the mentioned report.   

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.