Title: Announcement Regarding Issuance of the Disciplinary Board Resolution on Violation No. (1/2019 Petitions of the Authority) (24/2018 Committee on the Examination of Violations in Boursa Kuwait)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 28/03/2019 on violation No. (1/2019 petitions of the Authority) (24/2018 Committee on the Examination of Violations in Boursa Kuwait) filed against:

Q8 Securities Company.

"By accepting the petition in its form and in the matter by amending the Resolution of the Committee to look into the violations to be punished, the company will be fined five thousand dinars for conducting transactions for its own account without going through another Licensed Broker."

The punishment for violating Article (5-1) paragraph (8 - b) of Boursa Kuwait Rulebook, which states that:

"The Licensed Broker shall do the following:
8. Take necessary care to avoid all possible conflicts of interest, or when they cannot be avoided, act in the best interest of its clients and notify all clients of any conflicts that are relevant to those clients that have not been avoided. The Licensed Broker may not:
a) Place its own interest before those of its clients where to do so would result in it being unable to meet the reasonable expectations of its clients.
b) Not to conduct a transaction for its own account save through another Licensed Broker and in accordance with the conditions stipulated by The Exchange.
c) Refrain from any conduct or behavior that would harm the reputation of The Exchange or its members.
d) Not to publish any comments or opinions relating to Securities or their trends in any way, unless it is authorized to do so. 

The Company carried out a transaction for the Company’s own account directly through the account of 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.