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 9/4/2015 on violations No. (13, 14, 15 /2015 – Disciplinary Board) and (35, 36, 37/ 2014 Complaint) filed against:

1. Kuwait Stock Exchange.   2) Al-Qurain Holding Company.

That is by "warning the defendants of the consequences of repeating the violation of the rules and regulations of disclosing material information".

This punishment is due to, the defendants' violation of CMA Regulations No. (CMA/S.S/C.D/2/2012) Concerning Disclosure of Material Information and the Mechanism of Announcement. They delayed the disclosure and announcement of the voluntary withdrawal of Al-Qurain Holding Company from Kuwait Stock Exchange.

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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