CMA LAW: Resolution No. (80) of 2015 Regarding Authorizing Boursa Kuwait Securities Company (BKSC) to manage all material and intellectual assets of Kuwait Stock Exchange and to undertake the administrative and financial functions required for administering the Exchange’s entity

Having Perused:

- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- Resolution No. (72) of 2015 on the Issuance of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and

- CMA Board of Commissioners Resolution passed in its meeting No. (41) of 2015 held on 13/12/2015 regarding authorizing Boursa Kuwait Securities Company ("BKSC") to manage all material and intellectual assets of Kuwait Stock Exchange and undertake the administrative and financial functions required for administering the Exchange’s entity;

The Following Was Resolved

Article (1) The authorization granted by the CMA on September 19, 2010 to Kuwait Stock Exchange Committee to manage all material and intellectual assets of the Exchange, and to undertake the administrative and financial functions required for administering the Exchange’s entity, starting from the end of the business day of April 24, 2016.

BKSC shall be granted – based on the provisions of Article (156) of CMA Law – an authorization to manage all material and intellectual assets of Kuwait Stock Exchange CMA Data Classification: Public 2 and to undertake the administrative and financial functions required for administering the Exchange’s entity from April 25, 2016.

Starting from April 25, 2016 BKSC's Board of Directors shall replace the Market Committee, and the CEO of BKSC shall replace the Market Director concerning the competences provided for in Article (9) of the Decree issued on August 14, 1983 on regulating Kuwait Stock Exchange, and the competences provided for in Articles (from 37 to 43) and Articles (45, 47, 48, 50, 52) of the internal bylaws of Kuwait Stock Exchange, in addition to the competences provided for in Articles (1-5-2, 1-5-3, 1-5-4, 1-6-1, 1-8-1, 1-8-2, 1-8-3, 1-8-5) of Module 4 (Securities Exchanges & Clearing Agencies) of the Executive Bylaws of Law No. (7) of 2010. The Market Committee shall continue undertaking all the tasks and responsibilities which it is entitled pursuant to the authorization issued by the CMA until April 24, 2016. The Market Director shall be responsible until this date for ensuring the work flow.

Article (2) Starting from April 25, 2016 BKSC shall be considered a person licensed as an Exchange operator. It has to fulfill the requirements of persons licensed as Exchange operators, and fulfill the requirements of organizing the affairs of Kuwait Stock Exchange according to Article (154) of CMA Law by September 30, 2016 maximum.

Article (3) Kuwait Stock Exchange departments shall continue practicing their tasks as per the date mentioned in this Resolution, provided that passing and receiving the tasks from Kuwait Stock Exchange Committee to BKSC shall be according to the plan approved by the CMA. CMA Data Classification: Public 3

Article (4) CMA Managing Director or his deputy is authorized to issue the decisions required for executing the plan approved by the CMA on passing the Stock Exchange Entity from the Market Committee and the current management to BKSC, as well as forming the team work required for such task.

Article (5) All CMA sectors and departments, BKSC, and Kuwait Stock Exchange – each in its own jurisdiction – shall execute this Resolution. It shall come into force from the date of its issuance. Dr. Nayef Falah Al-Hajraf

PDF copy

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.