CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (30/2024 Disciplinary Board) (21/2024 Authority) and imposition of a fine against: Credit Rating & Collection Company for violating the rules of Disclosure and Transparency

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Announcement regarding issuance of Disciplinary Board Resolution No. (30/2024 Disciplinary Board) (21/2024 Authority) and imposition of a fine against: Credit Rating & Collection Company for violating the rules of Disclosure and Transparency

For violating the following:
1) The provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, it was proven to the CMA the Company’s failure to disclose on Boursa Kuwait Securities Exchange’s website the impact of allocation taken in previous years in the amount of KWD 165,107 (one hundred and sixty-five thousand and one hundred and seven Kuwaiti dinars only) as a result of receiving funds from the liquidator for a previous investment (...Fund), which led to the Company achieving a profit, as the amount represents 34% of the total revenues of the Company for the financial year ending December 31, 2023.

The Resolution included the infliction of the following penalty: -

“Levying a fine against : Credit Rating & Collection Company in the amount of KWD 1,000 (one thousand 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.

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