CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (44/2017 Disciplinary Board) (114/2017 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. (44/2017 Disciplinary Board) (114/2017 Authority) filed against:
Al Aman Investment Company
That is by: “warning to the Company of the consequences of not sending the risk management report to the Authority every six months, and not complying with the issued circulars regarding reserving clients’ funds under custody”.
This punishment is due to violating the provision of Article (4-4) of Module Six (Policies & Procedures of Licensed Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments which is a furtherance to the provisions of Article (190) of the cancelled Executive Bylaws, due to the Company’s non-compliance of providing the Authority with risk management reports every six months starting from 2014, and violating Circular No. (C.M.A/S.S/02/2015) issued by the Authority to all licensed persons due to the Company’s deduction of the quarterly costs from Portfolio No. (1674) whose funds are reserved under custody.
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.