Title: Announcement regarding issuance of Disciplinary Board Resolution No. (131/2021) Disciplinary Board - (145/2021) Authority, and imposition of a fine against: Hayat Invest Company For violating the rules of Collective Investment Schemes

Announcement regarding issuance of Disciplinary Board Resolution No. (131/2021) Disciplinary Board - (145/2021) Authority, and imposition of a fine against:

 Hayat Invest Company

For violating the rules of Collective Investment Schemes

For the following reasons:
 

For marketing percentages of ownership shares in two real estate projects (a residential project in India and a residential and commercial project in France) to some of its clients who are high-net-worth investors - and without - obtaining approval from the Authority for marketing, thus exceeding the prescribed fee for this permission for each marketing operation in total an amount of KWD 80,000 (eighty thousand dinars), due to its responsibility to pay this amount.

The Resolution included the infliction of the following penalty: -

- Levying an additional penalty on Hayat Invest Company to pay an amount of KWD 80,000 (eighty thousand dinars), due fees that the Company avoided as a result of committing the violation imposed against it by Disciplinary Board Resolution No. 53/2021 Disciplinary (28/2021 Authority) issued on 13/09/2021.

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.