CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (86/2023 Disciplinary Board) - (108/2023 Authority) and imposition of a fine against Metal & Recycling Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (86/2023 Disciplinary Board) - (108/2023 Authority) and imposition of a fine against Metal & Recycling Company for violating the rules of Disclosure and Transparency.

For violating the following provisions:
1. The provision of Item (17) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, which provides that:
The Company failed to disclose the signing of a financial contract that has a significant effect.
2. The provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
For the Company’s delay in disclosing some material information.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Metal & Recycling Company in the amount of KWD 1,000 (one thousand Dinars) for each of the two attributed violations”. 

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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