CMA LAW: Circular No. (C.M.A/S.S/2015/6) to All Persons Licensed to Practice the Brokerage Activity in Purchasing Securities and Selling them for the Account of Others in Return of a Commission (Securities Broker Registered in the Exchange)

Chairman of the Board of Directors

Greetings,

With reference to the subject above, and the FATCA agreement signed on April 29, 2015 between the State of Kuwait represented by the Ministry of Finance and USA represented by the USA Department of Treasury, we send you a copy of the Ministry of Finance letter dated 23/8/2015 No. 748 on the conditions of exempting local brokerage companies licensed to practice the activity of brokerage in purchasing securities and selling them to others in return of a commission (securities broker registered in the Exchange) regarding the reporting requirements, which are agreed upon after the initial discussions with the USA side.

Therefore, you have to take the necessary measures pursuant to the letter of Ministry of Finance (attached) within a month from the issuance of this circular.

Kind Regards,

Dr. Nayef Falah Al-Hajraf

Issued on: 30/8/2015   

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