CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (77/2021 Disciplinary Board) (65/2021 Authority) and imposition of a fine of 5 thousand Dinars against Al Mal Investment Company for violating the rules of Clients’ Funds and Clients’ Assets.
Announcement regarding issuance of Disciplinary Board Resolution No. (77/2021 Disciplinary Board) (65/2021 Authority) and imposition of a fine of 5 thousand Dinars against Al Mal Investment Company for violating the rules of Clients’ Funds and Clients’ Assets.
For the following reasons:
This is for violating the provisions of Article (2-5) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not assign an auditor to prepare the annual report regarding the Company’s compliance with the provisions of the aforementioned Module Seven for the year 2020.
The Resolution included the infliction of the following penalty: -
“Al-Mal Investment Company is fined an amount of five thousand Dinars for the violation 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.