Title: Announcement regarding issuance of Disciplinary Board Resolution No. (23/2024 Disciplinary Board) (07/2024 Authority) and imposition of a fine against Boubyan Capital Investment Company for violating the rules of Conduct of Business

Announcement regarding issuance of Disciplinary Board Resolution No. (23/2024 Disciplinary Board) (07/2024 Authority) and imposition of a fine against Boubyan Capital Investment Company for violating the rules of Conduct of Business

For violating the following: 

1) The provisions of Article (6-9) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

2) The provisions of Item (a) of (1/ Telephone Conversations) of (Second: Means of receiving clients’ orders, and mechanisms of keeping them) of Appendix 1 (Standards of Record Keeping Systems) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

3) The provisions of Item (Third: General Requirements) of Appendix 1 (Standards of Record Keeping Systems) of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

Due to the Company’s failure to properly maintain a number of recordings of telephone conversations related to clients orders and the lack of any backup copies of those conversations, which resulted in the Company’s failure to extract the orders and provide them to the CMA’s inspection team.

The Resolution included the infliction of the following penalty: -

"Levying a fine against Boubyan Capital Investment Company in an amount of KWD 3000 (three 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 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.