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 22/10/2015 on violations No. (36/2015 – Disciplinary Board) and (80/ 2015 Authority) filed against:

Al-Madina For Finance & Investment Company

That is by "Cautioning the defendant of the importance of obtaining the Authority's approval before the CEO's practice of any tasks related to the said position".

This punishment is due to, the defendants' violation of Articles No. (131) of the Executive Bylaws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority. It appointed a CEO, which is a position that requires registration, without obtaining the approval of the Authority.  

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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