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CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (44/2023) Disciplinary Board - (26/2023) Authority, and imposition of a fine against Securities Group Company For violating the rules of Clients’ Funds and Clients’ Assets
Date Publish
10 August 2023
Announcement regarding issuance of Disciplinary Board Resolution No. (44/2023) Disciplinary Board - (26/2023) Authority, and imposition of a fine against:
Securities Group Company
For violating the rules of Clients’ Funds and Clients’ Assets.
For the following reasons:
Violation of the provision of Article (2-5) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to its failure to appoint an auditor to ensure its compliance as a licensed person with the rules stipulated in Module Seven previously mentioned.
The Resolution included the infliction of the following penalty: -
“Levying a fined against Securities Group Company in an amount of KWD 2,000 (two thousand Kuwaiti Dinars) for the attributed violation”.
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.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
