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CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (80/2023) Disciplinary Board - (109/2023) Authority, and imposition of a fine against GFH Financial Group Company for violating the rules of Dealing in Securities
Date Publish
13 May 2024
Announcement regarding issuance of Disciplinary Board Resolution No. (80/2023) Disciplinary Board - (109/2023) Authority, and imposition of a fine against GFH Financial Group Company.
For violating the rules of Dealing in Securities.
For the following reasons:
Violation of the provision of Article (14-3) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company dealt with its shares (treasury shares) during the period from 23/3/2023 to 14/6/2023 without obtaining the approval of the CMA for these kinds of transactions.
The Resolution included the infliction of the following penalty: -
“Levying a fine against GFH Financial Group Company in an amount of KWD 10,000 (ten thousand Dinars) for the attributed violations”.
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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