CMA Prevents two companies from Practicing the licensed Activities for Three Months

05 March 2019

News

The Board of Directors of the Capital Market Authority has decided to prevent Global Trust Financial Services LLC and Celebrity National Financial Services SOAC from practicing the licensed activities for three months until adjusting their situations as from March 3, 2019 pursuant to Article 31(b) of the Capital Market Law.

 

The move comes after the correspondence addressed to the companies to adjust their situation and their failure to respond by adjusting their financial and administrative situation as the companies have defaulted their duties and obligations under the Capital Market Law and the Executive Regulations which is considered a risk threatening the interests of the parties dealing with them because the companies are operating in the field of securities. 

Where the prevention term lapse without the companies adjusting their situations their licenses will be revoked pursuant to Article 30 of the Capital Market Law


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