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Title: Resolution No. (157) of 2019 Regarding the License Application Submitted by Kuwait Clearing Company to Practice Securities Activities Pursuant to Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their Amendments
Date Publish
29 October 2019
Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and
- The request of the securities activities license submitted by Kuwait Clearing Company; and
- CMA Board of Commissioners Resolution passed in its meeting no. (34) of 2019 held on 23/10/2019.
The Following Was Resolved
Article (1)
Kuwait Clearing Company is hereby granted a preliminary approval to practice the activity of a clearing agency providing central counterparty. This preliminary approval is valid until the execution of CMA’s Resolution No. (69) of 2018 Regarding Amending Some Provisions 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 for the Development of the Infrastructure of the Post-Trade Model in order to meet the criteria specified by the CMA.
Article (2)
The company is set to be a clearing center will be granted a license pursuant to the amendments of the Executive Bylaws mentioned in CMA Resolution No. (69) of 2018 after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The license will be valid for a renewable period of three years starting on the date of issuance of the CMA license certificate, and after the payment of the required fee.
Article (3)
Kuwait Clearing Company shall submit to the CMA a quarterly report regarding the status of the remaining requirements of the license or on the occurrence of any new event from the date of issuance of this resolution until the execution of CMA’s mentioned Resolution No. (69) of 2018.
Article (4)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of issuance and it shall be published in the Official Gazette.
Prof. Ahmad Al-Melhem
Issued on: 29/10/2019
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