CMA LAW: Press Release

Kuwait, March 14, 2016 – Upon the issuance of Law No. 1 of 2016 on issuance of the Companies Law which canceled in its fourth Article the Decree Law No. 25 of 2012 amended by Law No. 97 of 2013 on issuance of the Companies Law and its amendments, the CMA has amended the provisions of Articles (8-4) and (8-5)  of Chapter Eight (Trading in Securities) and Article (14-5) of Chapter Fourteen (Treasury Shares) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 on the Establishment of the capital Markets Authority and Regulating Securities Activities and its amendments. The reason of the amendment is their contradiction with the provisions of Articles (171), (172) and (175) of Law No. 1 of 2016 on issuance of the Companies Law. The new Executive Bylaws of Law No. 7 of 2010 and its amendments was issued during the enforcement of the provisions of the previous Companies Law mentioned above.

Thus, the CMA emphasizes its endeavor to maintain consistency between the provisions of the Executive Bylaws of Law No. 7 of 2010 and all the legislations and bylaws issued afterwards which are related to regulating the related issues. 

Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
For more information, kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw     

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