Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (60/2017 Disciplinary Board) (161/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 26/10/2017 on violation No. (60/2017 Disciplinary Board) (161/2017 Authority) filed against:
 
International Financial Advisors (IFA)  

The Company shall pay a total of KWD 3000 for violating the rules of disclosure of material information.

This punishment is due to violating the provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and their amendments. The Company did not disclose the material information of achieving a profit of KWD 965,037 resulting from one of its subsidiary companies’ acquisition of a joint venture company in a percentage of 100%.

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.