CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (68/2018 Disciplinary Board) (130/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 01/11/2018 on violation No. (68/2018 Disciplinary Board) (130/2018 Authority) filed against:
Dimah Capital Investment Company
“The Company shall be fined KWD 5,000 for Advertising for the Foreign Collective Investment Scheme in means of marketing and promotional advertising regardless of the undertaking issued by it.”
The punishment is due to use of one of the means of public advertisement to publish several press releases that promotes one of the Collective Investment Schemes incorporated outside the State of Kuwait, where the company has been granted a license approval by the Authority to market it according to resolution No. (71) of 2018 issued on 29/05/2018, by violating the provisions of Clause (2) of the undertaking issued to the CMA in appendix 1( Application for the Marketing of Collective Investment Scheme Units Incorporated Outside the State of Kuwait) in the appendices of Module Thirteen (Collective Investment Schemes) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
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.
We use cookies to ensure you get the best experience on our website.