CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution

Announcement Regarding Issuance of Disciplinary Board Resolution

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 5/11/2015 on violation No. (39/2015 Disciplinary Board) (113/2015 Authority) filed against: Adel Mohammed Al-Sanea.

That is by "alerting the violator of the importance of abiding by the Regulations of Registering Auditors with the Authority".

This punishment is due to, violating Clauses (1/a, 2) of Article (3) of Resolution No. (24) of 2012 regarding Issuing Regulations of Registering Auditors in the Concerned Register with The Capital Markets Authority. The violator, in his capacity as owner of Kuwaiti Accountant Auditing Office, which is registered in the concerned register with the Authority has permitted three part time employees to work at the Office. He has also permitted a nonprofessional employee to head the auditing team. 

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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