Title: Press Release: The CMA Issues a Resolution Aiming at Amending Some Provisions of the Executive Bylaws Regarding Assigning an External Entity to Undertake the Registered Employment Positions

Kuwait – September 25, 2022, Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to develop the securities activities’ regulations, and its pursuit to be in line with the latest developments of the capital markets and the internationally recognized standards of securities activities, and after application and practice, comprehensive research and study, comparison with the latest legislations and regional and international practice, and in fulfilment of the approach adopted by the CMA to communicate and coordinate with the relevant entities and its keenness to understand the views and proposals submitted by the investors and the entities related to the economic system of the Kuwaiti market; the CMA has issued on Sunday, September 25, 2022, Resolution No. (146) of 2022 regarding amending some provisions of Module One (Glossary) and Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of the Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.

The most prominent amendments of the aforementioned Resolution included the following:
• Regulating the mechanism of assigning an external entity to undertake the registered employment positions, exempting some securities activities from some of the registered employment positions, and permitting the assignment of an external entity to undertake those positions in accordance with provisions and requirements determined in the Bylaws.
• Amending the definition of Representative of an Investment Portfolio Manager – (Managed by the Licensed Person in favour of Clients) by including all forms of investment portfolios in its scope of work.
• The provisions of the Senior Executives’ position by exempting the position of Representative of a Collective Investment Scheme Manager – (Operations Officer) from being affiliated with a person registered in the position of Senior Executives.
• Regulating the authorization mechanism in the event that the Chief Executive Officer or Senior Executives is absent for a period exceeding one month.
• Amending the requirements of the academic and professional qualifications and the professional experience required for the position of representative of a Market Maker.
Such amendments come in line with CMA’s continuous endeavor to develop the provisions of the Executive Bylaws in regards with the licensed persons.

In conclusion, the CMA draws the attention of all the licensed persons and the relevant entities to peruse the final version of the amendments and apply its provisions through visiting the following link: www.cma.gov.kw.

Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw