CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (48/2017 Disciplinary Board) (123/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Wednesday 23/08/2017 on violation No. (48/2017 Disciplinary Board) (123/2017 Authority) filed against:
Yiaco Medical Co.
The Company shall pay a fine of KWD 3000 for each of the two violations, for delaying the disclosure of material information.
This punishment is due to the following violations:
1- The Company did not disclose the results of the ordinary general assembly’s meeting held on 04/06/2017, 15 minutes before the commence of the trading session following that meeting, and delaying it until 07/06/2017, which violates the provision of Article (1-3-4) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
2- The Company did not perform a timely disclose about issuance of a court order on 11/06/2017 relevant to the annulment of the invitation for holding the ordinary general assembly of Yiaco Medical Co. The Company disclosed the issuance of the court order to Boursa Kuwait Securities Company on 14/06/2017 at 10:18 am which violates the provisions of Article (4-2-1) of Module Ten (Disclosure and Transparency) the Executive Bylaws of Law 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.