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 9/4/2015 on violation No. (12/2015 – Disciplinary Board) and (6/ 2015 Authority) filed against: Al Ahli Bank of Kuwait.

That is by "warning the Bank of the importance of complying with the rules of disclosure of interests in the future".

This punishment is due to, the Bank's violation of the provisions of Article (385) of the Executive Bylaw of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority. The Bank did not disclose its interest's change in Aqar Real Estate Investments Company, which was an increase in the ownership. The ownership percentage increase exceeded half one percent of Aqar Real Estate Investments Company's capital.

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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