CmaBoardReleases
Title: Press Release: Launching a Webpage for Companies and Entities not Licensed to Practice in Securities Activities in the State of Kuwait
Kuwait, November 7, 2021- The Capital Markets Authority (CMA) launched today, through its website, a webpage of companies and entities that are not licensed under (Sites that are not Licensed to Practice Securities Activities in the State of Kuwait). Launching this webpage is part of CMA’s continuous awareness and supervisory role in advising the public dealing in securities activities regarding the benefits and risks of investing in such activities, which includes making data and information of sites that are not licensed to practice regulated securities activities in the State of Kuwait accessible. It also ensures protecting people dealing in securities activities, and ensuring compliance with the laws and regulations related to these activities.
The webpage provides a list of companies and entities not licensed by the CMA to practice securities activities. It is periodically updated, and investors must refer to it before making their investment decision and investing their money with others. Additionally, investors must constantly examine the licenses of companies as the webpage does not contain all companies and entities that are not licensed, noting that the CMA takes all legal measures against these entities, in implementing of the provisions of Article (126) of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments, where the following was decided:
“ Shall be punished with a fine not less than five thousand Dinars and not exceeding fifty thousand Dinars any Person who:
1 - Exercises any particular activity or profession without obtaining a license from the Authority in accordance with the provisions of this Law.
shall not prevent the right of the Authority from taking disciplinary action. “
Note that whoever’s name is on the list may contact the CMA and undertake not to repeat the violating act, in order for the CMA to consider removing his name from the list.
It shall be noted that the webpage can be accessed through the official website of the CMA.
https://www.cma.gov.kw/ar/web/cma/unlicensed-companies
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