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CMA LAW: Announcement Regarding the Issuance of a Disciplinary Board Resolution
Date Publish
01 February 2015
Announcement Regarding the Issuance of a Disciplinary Board Resolution
The Capital Markets Authority announces the issuance of the Disciplinary Board Resolution No. (4/2015) passed in its meeting on Thursday 29/1/2015 on violation No. (21/2014 - Complaint) filed against: National Finance Brokerage Company (Al-Wataniya).
That is by "warning the Company of the consequences of repeating the violation".
This punishment is due to, the defendant company's violation of Article (195) of the Executive Bylaw of Law No. (7) of 2010, which stipulates that " The licensed person shall prepare and maintain proper internal control records and procedures with regard to any authorization granted to him for an account in the name of a client, and ensure that all deals concluded in accordance with the authorization are within the scope of authorities granted to him and that he has the appropriate procedures to give and receive instructions under the authorization."
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.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
