CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (66/2024 Disciplinary Board) (12/2024 Complaint), and imposition of a fine against: KAB Kuwait Group for Financial Brokerage Company for violating the rules of Clients’ Funds and Clients’ Assets, Securities Activities and Registered Persons, and Conduct of Business

Announcement regarding issuance of Disciplinary Board Resolution No. (66/2024 Disciplinary Board) (12/2024 Complaint), and imposition of a fine against: KAB Kuwait Group for Financial Brokerage Company for violating the rules of Clients’ Funds and Clients’ Assets, Securities Activities and Registered Persons, and Conduct of Business.

For the following reasons:

Violation to the duties and obligations of the provisions of Item (7) of Article (6-1-6) of Module Seven (Clients’ Funds and Clients’ Assets), Item (1) of Article (1-14-2) of Module Five (Securities Activities and Registered Persons), and Item (11) of Article (1-4) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and their amendments, due to refraining from executing his request to withdraw his funds deposited in his trading account.

The Resolution included the infliction of the following penalty: -

“Levying a fine on the complainant KAB Kuwait Group for Financial Brokerage Company in an amount of KWD 30,000 (thirty thousand Dinars) for the attributed violation”.

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.

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