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CMA LAW: Capital Markets Authority Issues a Resolution Regarding Adjusting the Situations of the First Group of the Investment Companies
Date Publish
01 September 2014
Kuwait, 1st September 2014 – In line with the Capital Markets Authority's efforts to execute and implement the provisions of Law No. (7) of 2010 and its executive Bylaw, and laying down the rules of supervision and regulation of securities activities, in addition to providing protection to the traders in such activities, The Authority has looked into the adjustment of the first group of the investment companies which are registered with the Central Bank of Kuwait pursuant to the provisions of the Executive Bylaw of the mentioned Law, and the resolutions and regulations of the Authority in this regard, and approved the issuance of licenses for practicing securities activities for a group of (9) companies, or some of the activities that are required to be practiced according to the Authority's rules and regulations in this regard, particularly the provisions of Law No. (7) of 2010 and its Executive Bylaw, these companies are as follows:
|
S/N |
Company Name |
Licensed Activity |
|
1 |
Coast Investment and Development Company |
|
|
2 |
National Investments Company |
|
|
3 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
4 |
Kuwait Projects Asset Management Company (KAMCO)
|
|
|
5 |
Arzan Financial Group For Financing And Investment |
|
|
6 |
Wafra International Investment Co
|
|
|
7 |
Securities Group Company |
|
|
8 |
Global Investment House |
|
|
9 |
Strategia Investment Company |
|
The Authority also granted five investment companies initial approval which is renewable and lasts for six months starting from the date of the initial approval letter issued by the Authority for fulfilling certain standards or completing the legal procedures required for amending the Memorandum and Articles of Association to add some of the required activities and permit companies to practice them and become part of the purposes that they are established for, these companies are as follows:
|
S/N |
Company Name |
Activities Granted Initial Approval |
|
1 |
Strategia Investment Company |
|
|
2 |
Noor Financial Investment Company |
|
|
3 |
Ahli Capital Investment Company |
|
|
4 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
5 |
IFA International Financial Advisors Company |
|
As part of the Authority's endeavour to allow the companies which have not fulfilled some of the requirements related to adjusting their situations, the Authority decided to grant six investment companies an additional grace period which lasts until 7/9/2014 to complete adjusting their situations pursuant to Law No. (7) of 2010 and its Executive Bylaw for the activities that have not fulfilled the requirements for their practice, these companies are as follows:
|
S/N |
Company Name |
Required Activities |
|
1 |
IFA International Financial Advisors Company
|
|
|
2 |
Kuwait & Middle East Financial Investment Company (KMEFIC) |
|
|
3 |
Noor Financial Investment Company
|
|
|
4 |
Sharq Investment Company |
|
|
5 |
KGL Investment Company |
|
|
6 |
Securities Group Company |
|
The Authority considers the adjustment of the investment companies' situations, which are registered with the Central Bank of Kuwait according to the Authority's Law and regulations, an important issue. This is the first step towards completing the adjustment of the rest of the investment companies which are registered with the Central Bank of Kuwait within the period provided pursuant to the Authority's regulations in this regard. It is also a step towards achieving the Authority's objectives, particularly the ones related to regulating securities activities in a fair, competitive and transparent manner, and to reduce the expected systematic risks, protect the traders, and ensure the provision of the services according to the standards adopted by the authority. The Authority encourages the investment companies to work with Authority to complete such requirements.
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.
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