CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (74/2021 Disciplinary Board) (75 and 88/2021 Authority) and imposition of a fine of 4 thousand Dinars against Al-Manar Financing and Leasing Company for violating the rules of Disclosure and Transparency, and Financial Statements of Licensed Persons, with the exception of investment funds.
Announcement regarding issuance of Disciplinary Board Resolution No. (74/2021 Disciplinary Board) (75 and 88/2021 Authority) and imposition of a fine of 4 thousand Dinars against Al-Manar Financing and Leasing Company for violating the rules of Disclosure and Transparency, and Financial Statements of Licensed Persons, with the exception of investment funds.
For the following reasons:
1- Provision of Item (2) of Article (3- 5- 1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
It was proven to the Authority, through the Company's disclosure of its list of insiders on 27/4/2021, that it exceeded the legal period specified as five business days to disclose the changes that occurred to the list of insiders.
2- Capital Markets Authority Circular No. 6 of 2017 Regarding the Financial Statements of Licensed Persons with the exception of investment funds:
The Company’s failed to comply with the Authority’s instructions regarding the financial statements related to fulfilling the notes and requirements of the Central Bank of Kuwait regarding the financing portfolio before submitting the audited interim or annual audited financial statements to the Authority. The audited annual financial statements were submitted to the Authority on 22/2/2021, while the Central Bank of Kuwait report was delivered on 10/3/2021.
The Resolution included the infliction of the following penalty: -
“ Al-Manar Financing and Leasing Company is fined two thousand Dinars for each of the two violations attributed to it”.
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.