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 5/11/2015 on violation No. (37/2015 – Disciplinary Board) and (109/ 2015 Authority) filed against: Mohammed Ismael Kohri.

That is by "warning the violator of the importance of complying with the Regulations of Registering Auditors with the Authority".

This punishment is due to, violating the provisions of Article (2/3) of Resolution No. 24 of 2012 regarding Issuing Regulations of Registering Auditors in the Concerned Register with the Authority. The violator, in his capacity as owner of Al Salhiya Office for Auditing and who is a registered auditor for the companies regulated by the CMA, commissioned a nonprofessional employee to head the team of monitoring the accounts of the companies regulated by the CMA.

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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