CmaBoardReleases
Title: Resolution No. (62) of 2017 Regarding Amending Articles 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 to Implement Some Clauses of Post-Trade Model (Transitional Phase)
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
- Based on CMA Board of Commissioners' Resolution passed in its meeting No. (15) of 2017 held on 12/04/2017;
The Following Was Resolved:
Article (1)
Module One (Glossary), Module Four (Securities Exchanges and Clearing Agencies), Module Eleven (Dealing in Securities), and Module Twelve (Listing Rules) are hereby amended according to the appendix attached with this Resolution.
Article (2)
First: Market Committee’s Resolution No. (1) of 2015 on the adjustment of listed companies share prices is hereby annulled as of 21/05/2017.
Second: Listed company’s board, whose free share dividends distribution was approved by its general assembly according to Market Resolution No. (1) of 2015 on the adjustment of the share prices of companies listed in Kuwait Stock Exchange, and whose monthly procedures are not executed before 21/05/2017 shall determine a maturity date and a distribution date of the free share dividends after the end of the monthly procedures, provided that the announcement shall be made according to clause (1-7-3) of Module Twelve of the Executive Bylaws of Law No. 7 of 2010 and their amendments attached.
Third: This Resolution shall not apply to cases where the share price was adjusted according to Market Resolution No. (1) of 2015 on the amendment of the share prices of companies listed in Kuwait Stock Exchange before 21/05/2017.
Article (3)
Any provisions that conflict with the Executive Bylaws’ provisions which are attached to this Resolution are hereby annulled.
Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force as of 21/05/2017 and shall be published in the Official Gazette.
Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners
Issued on: 25/04/2017