The Capital Markets Authority (CMA) has issued Disciplinary Board Resolution No. (66/2023 Disciplinary Board) (56/2023 Authority), imposing a financial penalty on Gatehouse Capital for Economic and Financial Consulting. Gatehouse Capital has been fined KD 5,000 for the first violation and KD 2,000 for the second violation. The violations are related to the following reasons: 

1. Violation of Article (77) of Law No. (7) of 2010 and its amendments, for concluding subscription contracts for fund units with clients (77 out of 86) before obtaining the necessary license from the Capital Markets Authority to communicate with professional clients regarding their intention to invest in a fund to be marketed in Kuwait. The necessary approval was not obtained until 12/10/2021, while discussions had commenced on 10/08/2021. 

2. Violation of item No. (3) of Article (5-4-1) of Module Thirteen (Investment Regulations) collective) of the executive regulations of Law No. 7 of 2010 and its amendments. This violation involves entering into subscription contracts for a fund with certain clients before the issuance of Resolution No. (13) of 2021 on 11/02/2021, which granted the company a special marketing license for a collective investment system established outside Kuwait. The Authority's license in this regard was issued on 21/02/2021. 

Gatehouse Capital has been sanctioned accordingly by the CMA Disciplinary Board.