CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (12/2018 Disciplinary Board) (16/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 29/03/2018 on violation No. (12/2018 Disciplinary Board) (16/2018 Authority) filed against:
AL-MADINA FOR FINANCE AND INVESTMENT
The Company shall pay a total of KWD 1,000 for the delay in notifying the Authority regarding occupying registered employment positions within the period specified in the Bylaws.
The punishment is due to violating the provision of Article (3-2-11) of Module Five (Securities Activities & Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to fill the position of Sharia Audit Officer, despite reaching the deadline for vacancy of the position was on 31/10/2017, the position was not filled until 05/12/2017, the company failed to meet the deadline of filling the position of Representative of an Investment Portfolio Manager on 13/05/2017, the position was not filled until 19/07/2017.
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.