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 on Thursday 30/7/2015 on violation No. (28/2015 Disciplinary Board) (51/2015 Authority) filed against: Ibrahim Ahmad Mohammed Al-Failakawi.

That is by "suspending the defendant from trading; direct or indirect purchasing and/or selling, whether for his own account or for the account of others for six months".

This punishment is due to violation of Article (126/1) of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and Article (158) of the Executive Bylaws, by practicing the activity of managing funds of others through (Alkhair Gulf Portfolio) and sending invitation for subscribing in a collective investment scheme for securities in the State of Kuwait and the Arabian Gulf without obtaining a license from 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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