Title: The Capital Markets Authority Issues a Resolution that Aims to Amend the Principles of Financial Integrity and Soundness and Some Controls of Registration of Registered Positions and Employment Positions

Kuwait, October 9, 2023 - Within the framework of the Capital Markets Authority’s (CMA) continuous pursuit to develop the rules that regulate securities activities and its efforts to be in line with the latest developments of the capital markets, as well as the internationally recognized standards of securities activities, and after application and practice, comprehensive research and study, and comparison with the latest regional and international legislations and practices, and in continuation of the approach adopted by the CMA to contact and coordinate with the concerned parties and its keenness to understand the views and suggestions proposed by the investors and the related parties in the economic system of the Kuwaiti market, on  Monday 25/09/2023, the CMA has issued Resolution No. (131) of 2023 that amends 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.

The most prominent amendments of the aforementioned resolution are mainly the following:
• Amend and clarify the provisions of cancelling the registration or registering the registered person.
• Amend the provisions of honesty and integrity criteria.
• Amend some provisions of the application for nomination and registration of the registered positions and employment positions.
• Amend the principles of financial integrity and soundness included in the Application for the Nomination of Registered Positions and Employment Positions for Licensed Persons in accordance with Fit and Proper Rules.

These amendments are based on CMA’s continuous pursuit to develop the provisions of the Executive Bylaws with regards to the persons registered in the registered positions and employment positions for the licensed persons.

In conclusion, the CMA invites all licensed persons and related parties to view the final version of the amendments and implement its provisions through visiting the following link:  www.cma.gov.kw.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of 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