CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (73/2017 Disciplinary Board) (212/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 28/12/2017 on violation No. (73/2017Disciplinary Board) (212/2017 Authority) filed against:
International Financial Advisors (IFA)
The Company shall "pay a fine of KWD 2000 for its delay in submitting a report on the liquidation works of IFA Islamic Fund and IFA Investment Fund”
This punishment is due to the Company not providing the CMA with the quarterly report for the period ending on 30/09/2017 on the liquidation works of IFA Islamic Fund and IFA Investment Fund within 30 days from the end of the period, until the period of 12/12/2017, in violation of the provisions of article (2-37-15) of Chapter Two (Funds) of Module Thirteen ( Collective Investment Schemes) of the Executive Bylaws of Law No.7 of 2010 and their amendments, and the provisions of Circular No. (7) issued in 2016 on the quarterly report regarding the liquidation works of funds relevant to the fulfillment of the provisions of Module Thirteen of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
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.