CMA LAW: Announcement Regarding the Issuance of a Disciplinary Board Resolution

Announcement Regarding the Issuance of a Disciplinary Board Resolution

The Capital Markets Authority announces the issuance of the Disciplinary Board Resolution No. (40/2014) passed in its meeting on Thursday 25/12/2014 on violation No. (91/2014 - Authority) filed against: Kuwait Finance House Company.

That is by "ceasing trading of the defendant Company's share (Kuwait Finance House Company) for three business days, and notifying the concerned parties.

This punishment is due to, the Company's violation of Article (4) of the Authority's Regulations No. (C.M.A/S.S/C.D/2/2012) regarding the Disclosure of Material Information and the Mechanism of Announcement as the Company delayed announcing the verdict issued against it in the amount of USD 45,47 million, and issued a restraining order in the amount of USD 78 million for its interest.

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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