CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (70/2017 Disciplinary Board) (200/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 7/12/2017 on violation No. (70/2017 Disciplinary Board) (200/2017) against:
Ali Owaid Rukhais Awad (Al Waha Auditing Office).
The defendant shall pay KWD 1000 for not holding periodic meetings with the Internal Audit Committee."
This punishment is due to his violation, in his capacity as the external auditor for (KAMCO Investment Company). He did not hold any meeting with the Internal Audit Committee for the financial year ended 31/12/2016, in violation of item (4) of Article (3-4-6) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority.
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.