CMA LAW: "Competency and Integrity Principles" "Mechanism of Candidate Application and Registration of Board Members and Occupants of Positions which Require Registration"

The Competency and Integrity Principles are considered highly crucial in the field of assessing the potentials and qualifications related to the ability of sound management, conduct of professional integrity, and sound financial performance at the level of the persons subject to the Competency and Integrity Principles.

It is important to be aware of the mechanism adopted for submitting the candidate applications for board members and occupants of positions requiring registration with the licensed persons, therefore, the Authority calls the attention of the licensed persons to the importance of abiding by the form approved by the Authority when submitting the candidate applications of the persons who are subject to the Competency and Integrity Principles, and providing the Authority with all the documents and information required in the form. The Authority shall take its decision on the applications upon submitting all documents and information within 30 days from the date of submitting the application with all the required documents. The licensed persons shall consider the 30 days grace period when assigning the date of convening the General Assembly to avoid postponement of its meeting. The Authority may verify the validity of all documents and information submitted. It may conduct a personal interview and/ or an aptitude test in order to verify the technical and professional capabilities that qualify the candidate to practice his/her duties.

Additionally, we would like to call the attention to the controls of the nomination mechanism for the membership in the board of the licensed person which stipulate that the licensed persons shall announce the invitation of the persons willing to be nominated for the board membership, and provide the Authority of a copy of the published announcement regarding the candidate applications for the board membership.

The Authority also urges at the same time the concerned persons to amend the data and information included in the records of the licensed persons promptly at the time of the candidate's occupation of the positions and jobs that he/she has been approved to be nominated for, in addition to attaching the supporting documents after completing the required procedures.

Note: Traders and Licensed Persons can visit the Capital Markets Authority website (www.cma.gov.kw), Kuwait Stock Exchange website (www.kse.com.kw), and the Twitter account @cma_kwt to keep up with the CMA awareness announcements.