CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (16/2018 Disciplinary Board) (34/2018 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. (16/2018 Disciplinary Board) (34/2018 Authority) filed against:
Cap Corp Investment 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. Provide investment consultations related to securities in consideration of a commission (Investment Advisor)
2. Managing Investment Portfolios (Investment Portfolio Manager)
3. Establish and manage collective investment schemes (Collective Investment Scheme Manager)
4. Safeguarding the assets that comprises the Collective Investment Schemes. (Custodian)
5.Offering or selling securities for the interest of its issuer or its ally, or obtaining securities from the issuer or its ally for the purpose of remarketing (Issuance Management)
Three months before the expiration date on 8/3/2018, where the application was delayed until 18/2/2018.
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.