CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (31/2024 Disciplinary Board) (19/2024 Authority), and imposition of a warning against Noor Investment Company for violating the rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (31/2024 Disciplinary Board) (19/2024 Authority), and imposition of a warning against Noor Investment Company for violating the rules of Disclosure and Transparency.

For violating the provision of Item (1) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to disclose to CMA the members of the board of directors of …… Company (Mother Company) among the list of insiders, who are considered insiders in the Company according to Item (1) of Article (3-1-2) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

The Resolution included the infliction of the following penalty: -
“Levying a warning against Noor Investment Company for the attributed violation with consideration that it does not repeat it in the future”.

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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