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Kuwait, 31st December 2013 – In line with the Authority's objectives concerning regulating the securities activity in a fair, competitive and transparent manner and guaranteeing the abidance by the rules and regulations related to such activity; the Authority has issued on 30/12/2013 its regulations in this regard which included the controls and procedures that regulate the purchase and disposal of the shares of the shareholding companies, which are listed in the Stock Exchange. The regulations included specification of the cases that permit the use of the shareholding companies' treasury shares, in addition to the regulating controls of this process, the accounting treatment, and the disclosure requirements. It also included a special form for the companies' shares purchase and sale applications.
The issuance of such regulations is part of the main tasks of the Authority, as specified by Law No. (7) of 2010 and its Executive Bylaw, and the provisions of the Decree Law No. (25) of 2012 regarding the issuance of the companies Law, as amended.
These regulations shall regulate the shareholding companies disposal, whether purchase or sale, of their treasury shares. Therefore, the Authority anticipates that the parties concerned with the securities activity shall peruse and follow these regulations, which have come into force starting from the date of their issue. None-compliance shall expose the violator to punitive accountability according to the Authority's Law of establishment and its Executive Bylaw.
Clarification 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 Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
Title: The Capital Markets Authority Issues its Regulations Regarding Regulating the Shareholding Companies Purchase of their Shares and the Method of their Use and Disposal
Date Publish
31 December 2013
Kuwait, 31st December 2013 – In line with the Authority's objectives concerning regulating the securities activity in a fair, competitive and transparent manner and guaranteeing the abidance by the rules and regulations related to such activity; the Authority has issued on 30/12/2013 its regulations in this regard which included the controls and procedures that regulate the purchase and disposal of the shares of the shareholding companies, which are listed in the Stock Exchange. The regulations included specification of the cases that permit the use of the shareholding companies' treasury shares, in addition to the regulating controls of this process, the accounting treatment, and the disclosure requirements. It also included a special form for the companies' shares purchase and sale applications.
The issuance of such regulations is part of the main tasks of the Authority, as specified by Law No. (7) of 2010 and its Executive Bylaw, and the provisions of the Decree Law No. (25) of 2012 regarding the issuance of the companies Law, as amended.
These regulations shall regulate the shareholding companies disposal, whether purchase or sale, of their treasury shares. Therefore, the Authority anticipates that the parties concerned with the securities activity shall peruse and follow these regulations, which have come into force starting from the date of their issue. None-compliance shall expose the violator to punitive accountability according to the Authority's Law of establishment and its Executive Bylaw.
Clarification 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 Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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