The Capital Markets Authority (CMA) has made an announcement regarding Disciplinary Board Resolution No. (42/2023) Disciplinary Board - (53/2023) Authority, which imposes a financial penalty on Azyan Capital Company. The penalty was imposed due to the company's violation of the rules stated in Module Sixteen of the Executive Bylaws of Law No. 7 of 2010, including their amendments, as well as the provisions outlined in circular No. 16 of 2022 issued by the Capital Markets Authority.
In accordance with the decision, Azyan Capital Company has been fined one thousand dinars for their failure to provide the Capital Markets Authority with the annual report by 1/3/2023. This report was supposed to include all the actions taken by licensed individuals to implement policies, procedures, and internal controls, along with any suggestions to enhance their effectiveness and efficiency.