CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution

Announcement regarding issuance of Disciplinary Board Resolution No. (45/2024 Disciplinary Board) – (36/2024 Authority) and imposition of a fine against: Hayat Communications Company for violating the Listing Rules.

For the following reasons:
Violating the provision of Item (2) of Article (1-16-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA that Hayat Communications Company failed to provide Boursa Kuwait Securities Exchange and the CMA with its periodical financial statements for the financial period that ended on 31/12/2023 within legally specified period of ninety days which ended on 31/3/2024, as it submitted a copy of its financial statement on 22/4/2024.

The Resolution included the infliction of the following penalty: -
“Levying a fine on Hayat Communications Company in an amount of KWD 1,000 (one 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 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.

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