CmaBoardReleases
Title: Reminder Announcement to all companies addressed in the provisions of Module fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their Amendments
The Capital Markets Authority is keen on providing protection of dealers in securities activities in general and in order to ensure compliance with the provisions of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its Executive Bylaws and their amendments and all other resolutions and guidelines.
The Authority wishes to remind all companies addressed in the provisions of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating the Securities Activities and their amendments by implementing the Provisions of Article (6-9) of Chapter 6 (Rule V: Apply Sound Systems and Risk Management and Internal Audit) of the same Module which stipulated:
" ……… In addition, another auditing firm shall revise and evaluate the internal audit department/office/ unit periodically every three years, provided that both the internal audit committee and the Board of Directors shall be provided with a copy of such report"
According to the following:
- The deadline for the preparation of the first report on reviewing and evaluating is on 30/6/2019.
- Assigning an auditor to prepare the mentioned report, whether the auditor is registered at the Authority’s register or not.
We also draw the attention of the public and licensed persons to visit the Capital Markets Authority website (www.cma.gov.kw), the Boursa Kuwait website (www.boursakuwait.com.kw) and twitter (cma_kwt @) to follow the awareness announcements of the Authority.
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