CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (4/2018 Disciplinary Board) (12/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 8/3/2018 on violation No. (4/2018 Disciplinary Board) (12/2018 Authority) filed against:
Amwal International Investment Company
“The Company shall pay a total of KWD 1,000 for each of the three violations, for appointing registered persons who do not work for it, for failing to follow the procedures for preparing the Risk Management Report, and for appointing an Executive member in the audit committee”.
The punishment is due to violating the following:
1- Violating the provisions of Article (3-2-3) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of the Law mentioned above, the company registered the following individuals in the Registered Positions and Employment Positions at the Authority:
- Osama Fayez Hamdan (Risk Management Officer)
- Tarik Zeyad Ibrahim (Representative of an Investment Portfolio Manager)
While they are in fact working in one of their subsidiary companies which is Noor Capital Markets Brokerage Company.
2- Violating the provisions of Article (4-4) of Module Six (Policies and Procedures of Licensed) of the Executive Bylaws of the Law mentioned above, for:
- The Risk Management Officer of the company submitted the reports of 2016 to the Risk Committee Directly and not to the Board of Directors.
- The Officer was late in preparing and submitting the Risk Report to the Board of directors.
|
Report Period |
Date of approving the report from the Risk Committee |
Date of approving the report from the Board of Directors |
Date of sending the report to the Authority |
|
1/1/2016 to 30/6/2016 |
|
|
|
|
1/7/2016 to 31/12/2016 |
|
|
|
- Failure to prepare the Risk Report for the first half of 2017 until the date of inspection of the company.
3- Violating the provisions of Clause (1) Article (5-6) of Module Fifteen (Corporate Governance) of the Executive Bylaws of the Law mentioned above, for appointing its Board Member Mr. Abdulmohsen Saleh Al-Tukhaim as a member in the Audit Committee, knowing that he is an executive member as he is responsible for the investors unit 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.