CmaBoardReleases
Title: Announcement Regarding "Gulf Investment House Company"
KUWAIT CITY, March 1, 2018 - The Capital Markets Authority announces the issuance of CMA Board of Commissioners resolutions in its meeting held on 28/2/2018 regarding Gulf Investment House Company, which stated the following:
1 - Rejection of the restructuring plan submitted by Gulf Investment House Company on 10/1/2018.
2- The application of the provisions of Article 3-3-3 of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, within a period not exceeding six months from the date of notifying the Company of this resolution.
3- Revocation of the license of the securities activities of the Company and cancellation from the Authority's registry, due to the Company's violation of the provisions of Articles 66 and 67 of Law No. 7 of 2010 and its amendments, provided that the company corrects the legal status of its clients' portfolios and safeguards the clients' funds, until delivery to them or to whomever is relevant to their holding, management or safekeeping.
4. Allow the Company to exercise all its other dealings subject to compliance with the provisions of Law No. 7 of 2010 and its Executive Bylaws and their amendments.
5. Return the Company’s share to trading on the Exchange unless it is suspended for any other reason.
6 - Prohibition of dealing in the shares of the Company by the members of its Board of Directors, its executive management and other Insiders, as long as the Company safeguards the clients' funds of clients, until delivery to them or to whomever is relevant to their holding, management or safekeeping.
Ends
Notes to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
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