The Board shall: 1. Issue necessary bylaws and instructions to execute the Law. It shall also work on issuing recommendations and the necessary studies needed to develop the regulations which assist in achieving its objectives. 2. With consideration to the provisions of Article (33) of the Law, the Board shall issue licenses to Securities Exchanges and for related activities, and shall supervise their activities. 3. Issue licenses to Clearing Agencies and for related activities, and shall supervise their activities. 4. Approve the rules and controls set by an Exchange or a Clearing Agency to conduct their work and endorse the same. 5. Terminate, amend or cancel the decisions and works issued by an Exchange and a Clearing Agency. 6. Issue licenses for Securities Exchanges’ membership, and licenses to their employees and anyone who works in the management of Securities Activities, including asset management and investment Funds companies, brokerage companies, Securities custody companies, advisory services institutions, etc. 7. Renew, amend, suspend, restrict or revoke licenses. 8. Issue the approval by the Authority of Registered Persons as well as issuing the rules and conditions of their registration. 9. Regulate the promotion of investment Funds and other Collective Investment Schemes. 10. Regulate Public Subscriptions or Initial Public Offerings (IPOs) and Private Placements for Kuwaiti and non-Kuwaiti Securities and supervise them. 11. Regulate the processes of Mergers and Acquisition Offers and supervise them. 12. Set up rules of supervision and for any self-regulatory organization in Securities activities. 13. Approve the rules and regulations proposed by an Exchange management prior to commencement of its business. 14. Set up rules for compliance with professional ethics, for competence and integrity of Licensed Persons, and approve the same. 15. Provide appropriate systems to protect traders and work towards minimizing improper and unfair practices in the Securities Activities. 16. Cooperate with supervisory authorities and foreign counterpart institutions with regards to organizing, coordinating and participating in joint activities. 17. Carry out all duties and authorities entrusted to it in the Law or any other law with regard to reducing market instability. 18. Issue all necessary decisions which fall within the Authority’s competences and are deemed necessary to implement the Law and these Bylaws. It may delegate some of these authorities. 19. Set up special rules, regulations and procedures needed by the Licensed Persons who work in accordance with Islamic Sharia. 20. Issue rules for Market Makers. 21. Take all necessary measures to manage market risks including ceasing the trading in the markets or of one or more Securities or suspending one or more Traders as well as coordinating with other Regulatory Bodies. 22. Issue a decision of cancelling the listing of a Security. 23. Set measures to supervise and monitor Licensed Persons. 24. Set governance rules of Licensed Persons and Listed Companies in the Exchange. 25. Issue rules that set out the duties and liabilities of Listed Companies, their Members of the Boards of Directors, executive management and their Insiders. 26. Approve accounting standards, performance evaluation criteria and internal audit obligations of Licensed Persons and to determine the criteria and conditions required in Auditors and External Sharia Auditing Offices that are registered at the Authority. 27. Approve lists of fees, commissions and charges paid to Licensed Persons in return to the services offered to their Clients. 28. Determine fees to be received by the Authority in return for issuing or renewing licenses or Dealing in Securities and other fees.