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 26/11/2015 on violations No. (42/2015 Disciplinary Board) (112/ 2015 Authority) filed against:

 Safi Abdulaziz Al-Mutawa (KPMG Safi Al-Mutawa & Partners Office).

That is by "cautioning the violator of the importance of abiding by the Authority's regulations of auditors registration".

This punishment is due to, his violation of Article No. 3/2 of Resolution No. (24) of 2012 regarding Issuing Regulations of Registering Auditors in the Concerned Register with the Capital Markets Authority in his capacity as owner of (KPMG Safi Al-Mutawa & Partners Office) which is registered in the Authority's concerned register for auditing the accounts of the companies that are subject to the Authority's supervision.     

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws 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 practice.      

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