The Kuwait Capital Markets Authority has issued a Disciplinary Board decision imposing financial penalties on International Financial Advisory Holding Company for violations of the Disclosure and Transparency rules under Module Ten of the Executive Bylaws to Law No. 7 of 2010, as amended. The breaches relate to delayed disclosure of material information and governance concerns linked to outsourced risk management. The Authority found the company breached Article 4-2-1 by being late in disclosing certain material information, resulting in a KD 5,000 penalty. It also found a breach of Item 3 of Article 6-3 after the company signed a risk management services contract on 16 May 2023 with another company where a board member who chaired the Risk Committee simultaneously held executive duties, creating a potential conflict of interest and undermining the independence principle, leading to a KD 20,000 penalty.
Kuwait Capital Markets Authority 2025-10-13
Kuwait Capital Markets Authority imposes KD 5,000 and KD 20,000 fines on International Financial Advisory Holding Company for disclosure and transparency breaches
The Kuwait Capital Markets Authority imposed financial penalties on International Financial Advisory Holding Company for breaching Disclosure and Transparency rules under Module Ten of the Executive Bylaws to Law No. 7 of 2010. The company was fined KD 5,000 for delayed disclosure of material information and KD 20,000 for governance issues related to a risk management contract that compromised independence due to a conflict of interest.