Title: Announcement regarding issuance of Disciplinary Board Resolution No. (117/2021 Disciplinary Board) (103/2021 Authority) and the imposition of a fine of 50 thousand Dinars and returning the amount of (14,328 Kuwaiti Dinars) against: Abdul Rahman Mohammed Al-Asfour for violating the rules of Market Conduct

Announcement regarding issuance of Disciplinary Board Resolution No. (117/2021 Disciplinary Board) (103/2021 Authority) and the imposition of a fine of 50 thousand Dinars and returning the amount of (14,328 Kuwaiti Dinars) against: Abdul Rahman Mohammed Al-Asfour for violating the rules of Market Conduct. 

For the following reasons:
For violating the provision of paragraph (c) of Item (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is following what was proven to the Authority, by looking at the trading session dated 28/4/2021, that he followed the approach of influencing the shares orders schedule by entering several purchase orders for relatively large quantities on a share and then canceling them, as these orders represented at some times of the trading session 51% of the total purchase orders entered on the shares at prices lower than the prevailing price and not intending to execute them, but rather aiming to convey a false image of the existence of a real purchase power on the shares, as the total purchase orders entered by him amounted to 8,500,000 shares and then he sold to traders in conjunction with canceling the existing purchase orders, which led to attracting traders in the market to buy the security from him and increase the momentum on the shares, noting that the total quantity sold by Mr. Abdul Rahman Mohammed Al-Asfour in his capacity as authorized to manage the account of Mr. Ibrahim Abdul Rahman Al-Asfour is 12,568,609 shares, avoiding a loss that reaches a minimum of KWD 14,328 (fourteen thousand, three hundred and twenty-eight Kuwaiti Dinars).

The Resolution included the infliction of the following penalty: -
“Mr. Abdul Rahman Mohammed Al-Asfour is fined an amount of fifty thousand Dinars for the attributed violation, and obligating him to return the amount (fourteen thousand three hundred twenty-eight Kuwaiti Dinars) and suspending him from dealing with any security in the Securities Exchange for a period of one year from the date of the issuance of the Resolution”.

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.