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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (28/2019 Disciplinary Board) (40/2019 Authority)
Date Publish
20 June 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 20/06/2019 on violation No. (28/2019 Disciplinary Board) (40/2019 Authority) filed against:
1) Kuwait Real Estate Investment Consortium
2) Turky Zaid Fahad Al-Fahad
“First: Kuwait Real Estate Investment Consortium is fined an amount of KWD 1000 for the delay in submitting the annual report within the legally defined period.
Second: Turky Zaid Fahad Al-Fahad is fined an amount of KWD 1000 for being the Compliance Officer of the defendant company whose negligence led to the occurrence of the first violation.”
This punishment is due to the following:
1. Kuwait Real Estate Investment Consortium’s violation of provisions of circular No. (15) of 2018 regarding the annual report of Anti-Money Laundering and Combating Financing of Terrorism. The company did not provide the CMA with the annual report of Anti-Money Laundering and Combating Financing of Terrorism by 01/03/2019; however, it submitted it on 16/05/2019.
2. Turky Zaid Fahad Al-Fahad’s violation of provisions of circular No. (15) of 2018 regarding the annual report of Anti-Money Laundering and Combating Financing of Terrorism. As the compliance officer of the company, he did not submit the annual report to the Board of Directors to be approved, and did not submit a copy of it to the CMA within the periods specified in circular No. (15) of 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.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.

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