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CMA LAW: Awareness Announcement Disclosure of Secrets
Date Publish
29 October 2015
Awareness Announcement
Disclosure of Secrets
Kuwait, 31st May 2015
In line with CMA's endeavour to raise awareness among persons who deal in securities activities, and in order to promote the principles of fairness and transparency especially with regard to handling information under its Law, which stipulate allowing all persons to peruse such information without any discrimination due to its impact on investment decisions. Therefore, the CMA reminds all persons who become aware of secrets by virtue of the nature of their work, occupation or position to avoid violating the provisions of Article (119) of Law No. (7) of 2010 on the Establishment of the Capital Markets Authority & Regulating Securities Activities. Violators shall be punished by imprisonment for a term not exceeding one year and a fine not less than three thousand Dinars and not exceeding ten thousand Dinars or by either of the these two penalties.
The legislator imposed a severe penalty for disclosing secrets if it is proved that a person has obtained in any manner, a benefit, interest or consideration for himself/herself or for others. The penalty shall be imprisonment for a period not exceeding three years and the fine shall be in an amount not less than ten thousand Dinars and not more than one hundred thousand Dinars, or by either of these two penalties.
Thus, the CMA emphasizes the importance of being cautious when handling secrets, and not committing violating practices to avoid punitive accountability.
Traders and licensed persons can visit CMA website (www.cma.gov.kw), KSE website (www.kse.com.kw), and the Twitter account @cma_kwt to keep up with the Authority's latest awareness announcements.
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.
