Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (39/2017 Disciplinary Board) (107/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 03/08/2017 on violation No. (39/2017 Disciplinary Board) (107/2017 Authority) filed against:
 
1) Abdullatif Ahmad Abdullah Al Ahmad (Al-Ahmad and Co. - Certified Accountants - Talal Abu-Ghazaleh Organization) as liquidator of Al Dar Fund of Funds (under liquidation).
2) Barrak Abdulmohsen Al-Ateeqi (Al-Ateeqi Certified Accountants) in his capacity as auditor Al Dar Fund of Funds (under liquidation)

The violators shall pay a fine of KWD 1000 each for not submitting a report on the liquidation works during the set dates.

This punishment is due to the following violations: 

First: Mr. Abdullatif Ahmad Abdullah Al Ahmad from Al-Ahmad and Co. Certified Accountants (Talal Abu-Ghazaleh Organization) as liquidator of Al Dar Fund of Funds (under liquidation):

Violating the provision of Article (2-37-15) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, and Circular No. (7) of 2017 on the fourth annual report concerning the funds liquidation works relevant to compliance with the provisions of Module Thirteen of the above mentioned Executive Bylaws, for not providing the Authority with the mentioned report within the legal periods until this date.

Second: Mr. Barrak Abdulmohsen Al-Ateeqi (Al-Ateeqi Certified Accountants) in his capacity as auditor Al Dar Fund of Funds (under liquidation):

Violating the provisions of Articles (2-13) and (2-37-3) of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, and Circular No. (7) of 2017 on the fourth annual report concerning the funds liquidation works relevant to compliance with the provisions of Module Thirteen of the above mentioned Executive Bylaws, for not reviewing the liquidator’s quarterly report of Al Dar Fund of Funds (under liquidation) Mr. Abdullatif Ahmad Abdullah Al Ahmad - Al-Ahmad and Co. Certified Accountants (Talal Abu-Ghazaleh Organization) as on 31/03/2017 until this date.      
 
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.