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 on Thursday 7/5/2015 on violation No. (19/2015 Disciplinary Board) (13/2015 Authority) filed against: Kuwait Resorts Company.

That is by "warning the Company of the consequences of repeating the violation of the Authority's regulations on treasury shares".

This punishment is due to, the company's violation of "Capital Markets Authority Regulations Regarding Regulating Shareholding Companies Purchase of their Shares (Treasury Shares) and the Method of their Use and Disposal No. (C.M.A/M.R.S/C.F/6/2013)". The company has purchased treasury shares without obtaining the CMA's approval.

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 practices.

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