"Titres" fined 150,000 dirhams by two companies licensed

The Securities and Commodities Authority has fined two approved companies operating in the raw materials and brokerage sector for a total value of 150,000 AED, according to its website. The Authority has fined Sognd Commodities 50,000 dirhams for the liquidation of customer balances, in violation of the provisions of paragraph 4 of Article 12.3 of the Council of the Authority's decision relating to the Regulation on the Listing and Trading of Goods and Commodity Contracts. The Authority also imposed a fine of AED 100,000 on Al Ramz Capital for failing to verify the customer's ability to pay for its purchases prior to the settlement date, in addition to making transfers between accounts affecting customer balances, which was contrary to Article 2. 18 of the resolution of the board of directors of the Authority.