Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (27/2017 Disciplinary Board) (54/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Wednesday 12/07/2017 on violation No. (27/2017 Disciplinary Board) (54/2017 Authority) filed against:
 
Ali Ismael Khudair Hussain 

First: The defendant shall pay a fine of KWD 2000 for violating the rules of market conduct. 

Second: The defendant shall return a total of KWD 75,726.548 which is the amount of the benefit he gained and the loss he avoided as a result of the illegal transactions”.

This punishment is due to the following violations:
First: Violating the provisions of clauses 1/c, 9 of Articles (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and its amendments, in the transactions executed on 25/01/2017 on the shares of AL-ARABIYA REAL ESTATE CO.  and achieving a benefit of about KWD 53,262 as a result of the violating transactions.

Second: Violating Clause 1/c of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, in the transactions executed on 15/02/2017 on the shares of ARABI HOLDING GROUP CO. and avoiding a loss of about KWD 2,030 resulting from the violating transactions.

Third: Violating provisions of clauses 1/c, 9 of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, in the transactions executed on 16/03/2017 on the shares of Sokouk Holding Co. and achieving a benefit of about KWD 20,434.548 as a result of the violating transactions.  
   
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.