Title: Press Release: The Members of CMA’s Board of Commissioners Continue Carrying on the Work of the CMA

Kuwait, September 13, 2022 – Within the framework of the Capital Markets Authority’s (CMA) keenness of the safety of its procedures and validity of its decisions in compliance with its performance and its required implementation of transparency and upholding of the rule of law.
The CMA declares that on 7/9/2022, the term of its current Board of Commissioners was completed in the four years specified pursuant to the Amiri Decrees Numbers 235/2018 and 219/2019 issued on its formation in accordance with Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities.
With regards to the nature of the supervisory and legal works and competences of the CMA and in light of what the Law has decided regarding its Board of Commissioners from competences and basic tasks to carry on and achieve such work due to its being the final decision authority that issues the necessary resolutions that may result in substantive effects, formalities, and specific dates of legal implications on the positions and conditions of the entities subject to its supervision from the securities exchange, clearing agency, listed companies, companies licensed to practice securities activities, and registered employment positions, in addition to facing the systemic risks, following up its relations and obligations with the counterpart supervisory entities and the relative regional and international organizations. This requires the importance of ensuring the work of this public entity consistently and steadily according to this stable legal standard in order to achieve the public interest, provide its services, fulfill its responsibilities without interruption or disruption, and to prevent the legislative and supervisory absence.
From this context and in light of the competent authority’s assignment of all the members of the Board of Commissioners to continue carrying on the work of the CMA, managing its affairs, and exercising their competences and duties determined by the Law of CMA establishment No. 7 of 2010 and its amendments – along with the resulted impacts and entitlements – as of 8/9/2022 until the day of the new board’s effectiveness period stipulated in the decree of its formation to receive the work and be introduced to the executive management of the CMA.
Based on a document of the legal fatwa issued by the Legal Studies Department at the CMA which serves as Fatwa and Legislation Department pursuant to Article (16) of the Law of CMA establishment and the decision of Fatwa and Legislation Department regarding similar cases of the leaders’ continuation of their work until the issuance of the decree of renewal or termination of service after the termination of the appointment’s decree guided by the principles of the effective employee established by Fiqh and law, and the previous practice of similar cases of the leaderships in the country in order to ensure the stability of the capital markets in the State of Kuwait.
And after the presentation to CMA Board of Commissioners in its meting No. 33 of 2022 held on 11/9/2022, the CMA announces the continuation of its Board of Commissioners to carry on its work, manage its affairs, and practice its competences and duties determined by the Law as of 8/9/2022 until the day of the new board’s effectiveness period stipulated in the decree of its formation.

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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