Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (63/2017 Disciplinary Board) (148/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 02/11/2017 on violation No. (63/2017 Disciplinary Board) (148/2017 Authority) filed against:
 
Kuwait Capital Investment Company 

First: The Company shall pay a total of KWD 10,000 for misleading the Authority in practicing its regulatory role.

Second: The Company shall pay a total of KWD 3,000 for not occupying the post of Sharia Audit Officer.

The punishment is due to violating the following:

1. The provision of clause (3) of Article (127) of Law No. 7 of 2010 and their amendments. It provided the Authority with false and misleading information which might have obstructed the investigations and the regulatory activity of the Authority. 

2. The provisions of Articles (3-2-1) and (3-2-2) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It did not occupy the post of Sharia Audit Officer in the Company.

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.