CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (15/2018 Disciplinary Board) (36/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 12/04/2018 on violation No. (15/2018 Disciplinary Board) (36/2018 Authority) filed against:
The Securities House Company
“The Company shall pay a total of KWD 1,000 for the delay in the renewal of the securities activities license”
The punishment is due to violating the provision of item (1) of Article (1-12) of Module Five (Securities Activities & Registered Persons) of the Executive Bylaws of Law No.7 of 2010 and their amendments. The Company failed to submit a renewal application for the following activities:
1. Brokering in sale and purchase orders of securities for others for commission (Securities Broker not registered in the Securities Exchange)
2. Provide investment consultations related to securities for commission (Investment Advisor)
3. Manage Investment Portfolios (Investment Portfolio Manager)
4. Establish and manage collective investment schemes (Collective Investment Scheme Manager)
5. Safeguarding the assets that comprises the Collective Investment Schemes. (Custodian)
Three months before the expiration date on 8/3/2018, where the application was delayed until 14/2/2018.
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.