CmaBoardReleases
Title: Press Release: Amending Some Provisions of the Executive Bylaws of Law No. 7 of 2010 Regarding Regulating the Division of Licensed Companies or Companies Listed in the Securities Exchange
Kuwait, November 1, 2021 - The Capital Markets Authority (CMA) issued its Resolution No. (123) of 2021 on Monday, 1/11/2021 Regarding Regulating the Division of Licensed Companies or Companies Listed in the Securities Exchange, and according to what was stated, the following was decided:
• Introducing Chapter Five (Division) of Module Nine (Mergers and Acquisition) 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, which includes provisions regulating the division of licensed companies or companies listed in the Securities Exchange.
• Introducing Appendix (11) "Procedures of Executing the Division" of Module Nine (Mergers and Acquisitions) 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.
• The CMA also issued Resolution No. (123) of 2021 to amend the fee schedule issued by Resolution No. (9) of 2016 by adding application fees to execute the Division.
Within the framework of the approach adopted by the CMA in communicating and coordinating with the concerned authorities, and the CMA’s constant keenness to enhance the strength of the financial sector and the institutions operating in it, the CMA conducted a survey of the opinion of reputable local bodies during the period from 01/06/2021 to 01/07/2021, which, with its results, enriched the target content to complete the process of amending regulations and regulatory controls.
These amendments come with the purpose of completing the issuance of the regulations and controls regulating the capital markets necessary to implement the provisions of the law establishing the CMA and the Executive Bylaws and in line with Item No. (6) of Article (4) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments.
This is to enable the capital market to possess the elements of competition regionally and internationally by providing an attractive environment for foreign investments, localization of local investments, and creating suitable investment opportunities in light of appropriate protection for persons dealing in securities.
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