Title: Press Release: Prohibiting Major Owners from Dealing in the Shares of Kuwait Remal Real Estate Company
Kuwait, October 14, 2021- As part of the Capital Markets Authority’s (CMA) continuous endeavor to provide investor protection from any actions or behaviors that the securities may be exposed to, and may violate Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws and their amendments, and in confirmation of its compliance with the provisions of the aforementioned Law and its Executive Bylaws, Resolution No. (1-36) of 2021 was issued by CMA Board of Commissioners in its meeting No. (36) of 2021 held on 13/10/2021. The Resolution stipulates “prohibiting major owners from dealing in the shares of Kuwait Remal Real Estate Company owned by them directly or indirectly, until the investigation with the concerned parties is completed and the decisions regarding suspected violations or crimes are issued”.
In conclusion, the CMA confirms that it will continue its supervisory role in protecting public investors, which will also create a fair, competitive and transparent financial market, as well as reduce the systemic risks that are expected to occur in securities activities, in addition to working to ensure compliance with laws and regulations related to such activities.
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.
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