CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (7/2018 Disciplinary Board) (31/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 22/3/2018 on violation No. (7/2018 Disciplinary Board) (31/2018 Authority) filed against:
Real Estate Assets Management Company (REAM)
"The Company will be fined KWD 3,000 for the violation of the disclosure rules of material information”
This penalty is due to violating The provisions of Clause (10) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Market’s Authority. The company did not disclose the material information of signing a credit facility agreement with the Ahli United Bank on 17/7/2017 in the amount of (5530000) KWD.
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.