Title: Press Release: The Capital Markets Authority Issues a Resolution Aimed at Amending Some Provisions of Module Two and Module Five of the Executive Bylaws of the CMA Law

Kuwait, May 04, 2024 – As part of the Capital Markets Authority’s (CMA) continuous pursuit to develop the rules that regulate securities activities and to be in line with the latest developments of the capital markets and the internationally recognized standards in securities activities, and after application, practice, comprehensive research, study, and comparison with the latest regional and international legislations and practices, and in continuation of the approach adopted by the CMA in communicating and coordinating with the concerned parties and its keenness to accommodate the views and suggestions submitted by the market participants and related parties in the economic system of the Kuwaiti market, the CMA has issued on Sunday June 2, 2024 Resolution no. (71) of 2024, which provides for amending some provisions of Module Two and Module Five of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Market Authority and Regulating Securities Activities and amendments thereto.

The most prominent amendments of the aforementioned resolution are as follows:
1. Amendment to Module Two (Capital Markets Authority):
• Amendment to Appendix 4 (Schedule of the CMA Services Fees):
o Including the fees of the request of assigning external entity to undertake the tasks of Registered Employment Positions.
o Amending the items of the issuance of a replacement for a lost certificate and including fees for the issuance of a duplicate certificate.

2. Amendment to Module Five (Securities Activities and Registered Persons):
• Amending Article (3-2-8) of the provisions of assigning an external entity to undertake the tasks of the Registered Employment Positions.
• Adding Article (3-4-10) of the provisions of relocation or resignation of an auditor upon their request.
• Amending Appendix 3 (Qualifications and Experience Required in Registered Positions and Employment Positions in Licensed Persons in accordance with Fit and Proper Rules).
• Amending Appendix 4 (Mechanism of Submitting Nomination and Registration Application).
• Amending Appendix 10 (Application for the Nomination of Registered Positions and Employment Positions for Licensed Persons in accordance with Fit and Proper Rules).
• Amending Appendix 20 (Application for Assigning an External Entity to Undertake the Registered Employment Positions).

These amendments are part of the CMA’s continuous endeavor to update and develop the provisions of the Executive Bylaws with regard to persons registered in the Registered Positions and Employment Positions at the licensed persons.

In conclusion, the CMA invites all licensed persons and related parties to review the final amendments and follow their provisions through visiting the following website:
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