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Executive Bylaws - CMA

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Executive Bylaws

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  • February 17
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3-11 Listing of the Bonds or Sukuk Issued by a Foreign Issuer Of Module Twelve: Listing Rules
Section: Chapter Three: Listing Bonds and Sukuk
  • Sunday, 12 February 2017

    A foreign Issuer applying for the listing Bonds and Sukuk shall be subject to the provisions of Chapter Three of this Module in addition to the following requirements: 1. The foreign Issuer of Bonds or Sukuk shall already be listed on an Exchange and subject to the supervision of a competent foreign authority. In case the foreign Issuer is a Special Purpose Vehicle Company and the Obligor or originator is registered in the State of Kuwait, this item shall not apply. 2. The Foreign Issuer shall provide an undertaking to publish its latest audited financial statements and business results on two daily Arabic newspapers prior to the commencement of trading of the Bonds or Sukuk on the Exchange. In case the Foreign Issuer is a Special Purpose Vehicle Company and the Obligor or originator is registered in the State of Kuwait, this Item shall not apply. 3. The Foreign Issuer shall appoint a legal representative in the State of Kuwait and one of the Licensed Persons by the Authority and assume duties of the Bonds or Sukuk registration, all financial obligations including periodic distributions of profits and redemption, receiving and submitting related required reports, and any other matters related to the Bonds or Sukuk. 4. Any other conditions or regulations stipulated by the Authority.

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