CMA LAW: Announcement Regarding the Issuance of a Disciplinary Board Resolution

Announcement Regarding the Issuance of a Disciplinary Board Resolution

The Capital Markets Authority announces the issuance of the Disciplinary Board Resolution No. (5/2015) passed in its meeting on Thursday 29/1/2015 on violation No. (32/2014 - Complaint) filed against: Kuwait Stock Exchange.

That is by "notifying Kuwait Stock Exchange (the Securities Exchange) of the necessity to comply with the Law by obtaining the Authority's prior approval for any new rules or provisions".

This punishment is due to, the defendant violation of Article 41 of Law No. (7) of 2010, which stipulates that "No rules issued by the Securities Exchange, or any amendment thereof, through removal, replacement or change thereof or addition thereto, shall be valid unless they are approved by the Authority. The Securities Exchange shall submit the reasons and objectives for proposing such rules or amendments and set out its impact, thereupon, the Authority may give its approval, disapproval, amendment and shall notify the Securities Exchange of its resolution within a period not exceeding three months of the date of the notification of proposal."

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaw on all persons dealing in securities' activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practices.      

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