Title: Press Release Regarding Development of Provisions for License Renewal and Cancellation at the Request of a Licensed Person

Kuwait, April 19, 2023 – The Capital Markets Authority (CMA) issued Resolution No. (56) of 2023 regarding developing the provisions of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, particularly those related to the provisions of renewing and cancelling the securities activities license upon an application submitted by the licensed person pursuant to CMA Board of Commissioners Resolution passed in its meeting No. (11) of 2023 held on 12/04/2023.

The developed provisions set out the procedural sequence and time limits required for applying for renewal or cancellation of a securities activities license, and all the required documents and information in a direct manner to meet the license renewal or cancellation, in addition to the obligations and liabilities of the licensed person.

Moreover, Appendix 27 (Regulations of the Application for Cancellation of Some or all Securities Activities License) was added. It sets out the sequence of all the procedures that a licensed person should comply with in order to submit an application to cancel a securities activities license. It also included the addition of the auditor’s responsibilities during the process of issuing his report.

In this regard, the CMA notes that the Executive Bylaws amendments will be implemented through two phases to ensure the readiness of CMA’s automated systems to receive the applicants of the license renewal or cancellation, which will be as follows:

First phase: Issuance of Resolution No. (56) of 2023 Regarding Development of Provisions for License Renewal and Cancellation at the Request of a Licensed Person.

Second phase: Enforcement of the new amendments stipulated in the Resolution issued by the CMA after six months of its issuance date and launch of the updated services.

In conclusion, the CMA is continuously improving the provisions of the Executive Bylaws, guided by the best rules, standards, and practices to develop the provisions of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments. It also invites all the licensed persons and related parties to review the final version of the amendments and implement its provisions through visiting CMA’ official website.

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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