Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (31/2017 Disciplinary Board) (73/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 13/07/2017 on violation No. (31/2017 Disciplinary Board) (73/2017 Authority) filed against:
 
1) Nizar Abdul Razzaq Al-Qirtas
2) Foras Al Mamlaka Company شركة فرص المملكة للتجارة العامة والمقاولات

First: The defendants shall pay a fine of KWD 7000 each for violating the rules of market conduct. 
Second: The defendants shall jointly return a total of KWD 74,928.909 which is the amount of the benefit they gained and the loss they avoided as a result of the illegal transactions subject of the violation.
Third: The defendants shall be suspended from trading (purchase) for their own account or on behalf of others for three months.

This punishment is due to performing intensive trading by the first defendant through trading account no. (996625) held by the second defendant in its capacity as a partner and authorized signatory, which affected the share’s order book of Ithmaar Holding Co. in the trading session held on 09/03/2017, by entering and canceling orders sequentially and intensively to mislead traders regarding the trading or price of a listed security, and entering orders frequently in a repeated and contradictory manner, which had a substantial impact on the listed security’s orders. That was accompanied with a remarkable change in the share price, which is considered an explicit violation of the provisions of clauses (1/c ,9) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Laws No. 7 of 2010 and their amendments.  
  
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.