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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (56/2017 Disciplinary Board) (140/2017 Authority)
Date Publish
05 October 2017
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 05/10/2017 on violation No. (56/2017 Disciplinary Board) (140/2017 Authority) filed against:
Mohammed Abdulrahman Ibrahim Al-Fares
Mohammed Abdulrahman Ibrahim Al-Fares
The defendant shall:
First: Pay a total of KWD 1000 for violating the rules of market conduct.
Second: Return a total of KWD 1,053, which is the value of the avoided loss.
This punishment is due to violating the provision of clause (c) of item (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. He entered purchase orders in relatively large amounts which reached 600,000 shares, in prices that varied from Fils 42 and Fils 41, and then canceled them to attract traders to Al Enmaa Real Estate Company shares, and to create a misleading impression of the existence of a real purchase power on the shares. Eventually, he executed sale transactions of 1,620,765 shares in average price of Fils 41.65, and achieved a profit of KWD 1,053.
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.
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.
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