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Title: Announcement regarding issuance of Disciplinary Board Resolution No. (93/2024 Disciplinary Board) (138/2023 Authority) and imposition of a fine against: Wafrah International Investment Company for violating the rules of Securities Activities and Registered Persons
Date Publish
11 July 2024
Announcement regarding issuance of Disciplinary Board Resolution No. (93/2023 Disciplinary Board) (138/2023 Authority) and imposition of a fine against: Wafrah International Investment Company for violating the rules of Securities Activities and Registered Persons
For the following reasons:
Violating the provision of Article (1-41-22) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, corresponding to Article (4-51-2) of the Securities Exchange Rules. It was proven to the Authority that the Company violated its responsibilities as a market maker due to its failure to comply to the percentage referred to in Article (4-51-2) of the Securities Exchange Rules, which is set at a minimum rate of 10% of the total monthly trading value, as stated in the market maker’s obligations on the Boursa Kuwait Securities Exchange website. This is despite the Company previously committing to the Securities Exchange by sending an email dated 16/11/2022, pledging to fulfill the market maker’s obligations. However, it complied with this commitment during November, December 2022, and January 2023, then failed to meet its obligations as a market maker again by not complying to the minimum percentage of the total monthly trading value set at 10%.
The Resolution included the infliction of the following penalty: -
“Levying a fine against Wafrah International Investment Company in the amount of KWD 2000 (two 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.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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