CMA LAW: Announcement Regarding the Issuance of Disciplinary Board Resolution

Announcement Regarding the Issuance of Disciplinary Board Resolution

The Capital Markets Authority announces the issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 14/5/2015 on violations No. (20/2015 – Disciplinary Board) and (34/ 2014 Complaint) filed against:

1. A'ayan Leasing & Investment Co.

That is by "alerting the defendant of the importance of regularizing the situations of (Dubai Investment Park Business Centre Portfolio) according to the procedures provided for in Chapter 8 of Law No. 7 of 2010 on Collective Investment Schemes".

This punishment is due to, the defendants' violation of CMA Articles No. (76/2) and No. (77) of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority. It managed Contractual Collective Investment Scheme without obtaining a license from the CMA.  

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaw 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 practices.      

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