Title: Announcement regarding issuance of Disciplinary Board Resolution No. (07/2023) Disciplinary Board - (172/2022) Authority and imposition of a fine against Humoud Sa’ad Mohammad Al-Owaied A-Azmi For violating the Rules of Market Conduct

Announcement regarding issuance of Disciplinary Board Resolution No. (07/2023) Disciplinary Board - (172/2022) Authority and imposition of a fine against:
Humoud Sa’ad Mohammad Al-Owaied A-Azmi. 
For violating the Rules of Market Conduct.

For the following reasons:

Violation of 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. It was proven to the CMA that through trading sessions he has entered several purchase orders in relatively large quantities at levels of prices less than the prevailing price in the Exchange, most of which were not executed, which led to creating false attitude of the purchasing power of the security. Through dividing such orders, he delivered a misleading image of the existence of several orders from the traders to purchase the share at several price levels, which led to attracting the traders to purchase the security and increasing the momentum on the share by taking advantage of the prices established by him to attract the traders to deal on the share according to the artificial prices, which resulted in his achievement of profit.

The aforementioned represents a violation of the duties and obligations set forth by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments.

The Resolution included the infliction of the following penalty: -

"First: - Levying a fine against Humoud Sa’ad Mohammad Al-Owaied A-Azmi in an amount of KWD 5000 (five thousand Dinars) for the attributed violation.

Second: - The mentioned is required to pay an amount of KWD 9537 (nine thousand, five hundred and thirty-seven Dinars) as a value of the profit he obtained as a result of committing the 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 Laws 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.