CmaBoardReleases
Title: Press Release: The Collective Investment Schemes Meet the Period Specified for Regularization of Situations
Kuwait, June 11, 2022 – Based on Resolution No. (01) of 2022 Regarding Amending Some Provisions of the Collective Investment Schemes issued on 03/01/2022, the Capital Markets Authority (CMA) announces that all the investment funds and collective investment schemes have submitted the requests of regularizing the situations of the articles of associations and the contracts in compliance with the new provisions within the specified period that ended on 31/05/2022.
Despite the magnitude of the amendments made to Module Thirteen (Collective Investment Schemes) of the Executive Bylaws, and the previous period of preparation of the financial statements and reduced working hours during the Holy Month Ramadan, all the collective investment scheme managers -without exception- complied with the specified date.
In this regard, and in order to facilitate the required procedures, the CMA has prepared some guiding forms and held several awareness meetings with the collective investment scheme managers during the last period. Such procedures aimed at ensuring everyone’s compliance with the requirements in a smooth and more effective manner. Noting that the CMA will study all the requests of situation regularization and contact the collective investment scheme managers in preparation of the final approval of the articles of associations and the contracts.
Furthermore, the CMA urges all those concerned with the provisions issued in Resolution No. (01) of 2022 Regarding Amending Some Provisions of the Collective Investment Schemes, to pay attention to Article (13) of the Resolution regarding the end of the transitional period and the enforcement of all the new provisions after 29/09/2022.
In conclusion, the CMA would like to thank and appreciate the efforts of all the collective investment scheme managers for the full compliance and productive cooperation in meeting the specified period.
Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw