CmaBoardReleases
Title: 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 on Thursday 18/6/2015 on violation No. (23/2015 Disciplinary Board) (29/2015 Authority) filed against: Warba Investment Company.
That is by "suspending the Company's practice of the activity of managing new investment portfolios, and establishing and managing new collective investment schemes until a copy of the report mentioned in the reasons is submitted, or for six months, whichever is earlier ".
This punishment is due to, the company's violation of "Capital Markets Authority Regulations Concerning Anti-Money Laundering and Counter Terrorist Financing No. (C.M.A. /S.S./I.C./4/2013) ". The company has defaulted in submitting the annual report of the procedures and internal controls on enhancing the effectiveness and sufficiency of the anti-money laundering which ends on 1/3/2015.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaw 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.