CmaBoardReleases
Title: Resolution No. (91) of 2016 Regarding Licensing Boursa Kuwait Securities Company to Practice the Activity of a Securities Exchange
Having Perused:
- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- Resolution No. (90) of 2016 on Revoking the License of Kuwait Stock Exchange and Terminating the Decree Issued on August 14, 1983 on Regulating Kuwait Stock Exchange; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (33) of 2016 held on 3/10/2016.
The Following Was Resolved
Article (1)
Boursa Kuwait Securities Company (K.S.P.C) is hereby licensed. It has fulfilled the license requirements pursuant to the provisions of Law No. 7 of 2010 and its amendments, in addition to CMA’s resolutions and regulations issued in this regard, to practice the activity of a Securities Exchange pursuant to the provisions of Law No. (7) of 2010 and its Executive Bylaws and their amendments, and Resolution No. (90) of 2016 on Revoking the License of Kuwait Stock Exchange and Terminating the Decree Issued on August 14, 1983 on Regulating Kuwait Stock Exchange.
Article (2)
The license term shall be three years starting from 4/10/2016. The Company shall be exempted from paying the preliminary fee of the license for such period of the licensed activity, and it shall pay the fee when renewing the license for any other term(s) pursuant to Law No. (7) of 2010 and its Executive Bylaws and their amendments and whatever is set by the CMA in this regard.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance. It shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 4/10/2016
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