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 9/7/2015 on violation No. (27/2015 – Disciplinary Board) and (36/2015 Authority) filed against: Coast Investment and Development Company.

That is by "warning the Company of the importance of complying with the Authority's Regulations on valuation of real estate assets, the part concerning the valuation of local real estate".

This punishment is due to, the Company's violation of the provisions of Articles (1/b) and (2/b) of Capital Markets Authority Regulations No. (C.M.A./S.S./ S.C.M./5/2012) Regarding Valuation of Real Estate Assets. The Company defaulted in submitting an annual valuation of its real estate assets inside and outside the State of Kuwait for the completed financial year 31/12/2014.

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 practices.      

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.