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CMA LAW: Resolution No. (20) of 2017 Regarding Suspending an Auditor
Date Publish
20 February 2017
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- The registration certificate of the auditor Mr. Yahya Abdullah Al-Fodari No. (0028/2013/EA) issued on 15/5/2013; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (6) of 2017 held on 08/02/2017.
The Following Was Resolved
Article (1): The auditor Mr. Yahya Abdullah Al-Fodari is hereby suspended for six months from the date of issuing this Resolution, for not complying with the provisions of clauses (3) and (6) of Article (3-4-2) of Chapter Three (Registered Persons) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
Article (2): The auditor assigned for reviewing and auditing accounts shall continue performing his duties until the ordinary annual general assembly for licensed persons and companies listed in the Exchange is held.
Article (3): The auditor may submit an application with all the information and requirements mentioned in Article (3-4-2) of Chapter Three (Licensed Persons) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments according to the Auditor Registration Form of the CMA in order to resume practicing this activity.
Article (4): The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance, and it shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 20/02/2017
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