CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (66/2017 Disciplinary Board) (184/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 23/11/2017 on violation No. (66/2017 Disciplinary Board) (184/2017 Authority) filed against:
Kuwait Capital Investment Company
The Company shall pay a total of KWD 3,000 for the delay in notifying the Authority regarding occupying a registered employment within the period specified in the Bylaws.
The punishment is due to violating the provision of item (3) of Article (143) of the cancelled Executive Bylaws of Law No. 7 of 2010, which corresponds to Article (3-2-10) of Module Five (Securities Activities & Registered Persons) of the Executive Bylaws of the mentioned Law, and their amendments. The Company failed to inform the Authority of the application to cancel the registration of an Internal Audit Officer, who resigned from the Company on 1/9/2015 as Internal Audit Officer, until 21/3/2016 which is 7 business days after the end of the specified period.
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.