Title: CMA Circular No. (07) of 2025 Regarding Mechanism for Applying the Rules of Financial Integrity and Soundness Standards to Members of the Board of Directors of Unlicensed Listed Companies

Pursuant to the provisions of CMA’s Resolution No. (168) of 2024, it stipulated in Article Two the addition of Appendix 3 (Mechanism for Applying the Rules of Financial Integrity and Soundness Standards to Members of the Board of Directors of Unlicensed Listed Companies) 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 most significant item mentioned in the aforementioned appendix was that listed companies  not licensed by the Authority shall comply with the Rules for Financial Integrity and Soundness standards by Board of Directors, Chief Executive Officer, or the positions that report directly to him in the organizational structure of the companies listed  on the securities exchange and are not licensed by the Authority.

The CMA would like to draw the attention of all listed companies not licensed by the Authority of the importance of submitting an application to obtain a certificate of to whom it may concern regarding the soundness of the legal position of the persons nominated for those positions, which is the company’s sole responsibility. The application shall include the following: -

1- A copy of the civil ID of the nominated person.

2- A letter of authorization from the nominated person to the concerned company authorizing it to submit a request to obtain and receive the certificate.

3- Payment of the prescribed fee of (10) Kuwaiti Dinars for each issued certificate.

Prof. Ahmad Al-Melhem
Issued on: 04/03/2025.

Copy of the Official Document