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CMA LAW: Announcement Regarding the Issuance of a Disciplinary Board Resolution
Date Publish
10 December 2014
Announcement Regarding the Issuance of a Disciplinary Board Resolution
The Capital Markets Authority announces the issuance of the Disciplinary Board Resolution No. (35/2014) passed in its meeting on Wednesday 10/12/2014 on violation No. (87/2014 - Authority) filed against: Warba Investment Company.
That is by "suspending the defendant company's license until it regularize its situation pursuant to the Authority's Law and Regulations, or for six months, whichever occurs first, and notifying the concerned parties".
This punishment is due to, the company's violation of circular No. (C.M.A/M.R.S/17/2013) regarding the Regularization of the Situations of the Companies subject to the CMA's Supervision, and Law No. (7) of 2010 and its Executive Bylaw, which oblige those companies to provide the Authority with a license request for practicing the securities' activity, in addition to a list of the securities' activities which the company wants to practice, according to the attached forms no later than 19/12/2013. It has been proved that the defendant did not provide the Authority with those requirements.
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.
