Title: Announcement regarding issuance of Disciplinary Board Resolution No. (35/2024 Disciplinary Board) (28/2024 Authority) and imposition of a warning against: Azyan Capital Company for violating the rules of Clients’ Funds and Clients’ Assets

Announcement regarding issuance of Disciplinary Board Resolution No. (35/2024 Disciplinary Board) (28/2024 Authority) and imposition of a warning against: Azyan Capital Company for violating the rules of Clients’ Funds and Clients’ Assets

For the following reasons:
1) The provision Article (2-5) of Module Seven (Clients’ Funds and Clients’ Assets) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, it was proven that the Company failed to assign an auditor registered with the CMA to submit a report on the licensed person’s compliance with the provisions of the aforementioned Module for the year 2023.

The Resolution included the infliction of the following penalty: -
“Levying a warning against Azyan Capital 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 Laws 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.