Ministry of Justice approved forced execution operations revoked over brokerage violations

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KUWAIT CITY, June 10: Sources have revealed that Ministry of Justice-approved forced execution operations, benefiting a listed investment company, were revoked due to some brokerage firms offering unlisted securities through an electronic auction market without entering the base price, reports Al-Jarida daily. These violations of Stock Exchange Rules Book Articles (12- 7-19), (12-7-2), and (12-7-6) were reported to the Markets Authority, leading to the suspension of the sale auction and the referral of the case to the Markets Authority.

In compliance with Law No. 7 of 2010, the Kuwait Stock Exchange Company canceled the sale auction and referred the violators to the Stock Exchange Violations Committee, cautioning against future violations. The amendments to the stock exchange’s rules book, including Chapter Twelve on Forced Execution of Securities, were made to streamline procedures.

The Securities listed for sale are executed through the stock exchange’s trading system, while unlisted or suspended securities may be sold through the electronic auction market or regular bidding. The enforcement judge and the Authority have the authority to halt sale procedures if necessary, with the stock exchange notifying the seller accordingly. In case of technical defects in trading systems or brokerages, completed sales operations may be canceled and repeated without involving the stock exchange or the seller. Electronic systems for execution files and correspondence among execution stakeholders are under development to enhance efficiency and transparency

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