CMA LAW: Warning to all Citizens and Residents against Some Fake Accounts

The Capital Markets Authority (CMA) calls on all the citizens and residents to exercise caution and be aware of some fake accounts (outside the State of Kuwait) that were recently monitored through social media. Some entities use promotional methods by sending invitations to invest in projects for a financial return. They impersonate names and photos of important and well-known persons to target the citizens and residents for the purpose of misleading them to enter into fake projects without being licensed to practice such activity, which is a violation 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, by which the investors are exposed to investment risks and large losses.
Accordingly, the CMA urges all traders in the Kuwaiti market to exercise caution, be aware, and not respond to such invitations. It also confirms that announcing and promoting this type of unlicensed investment leads to legal accountability before the competent authorities. Therefore, the CMA emphasizes the importance of referring to its website and ensuring that the entities have the necessary licenses, and it invites the public to contribute in exposing the manipulators through reporting to the CMA any detected unlicensed entity, whether individuals, institutions or entities promoting companies’ shares or calling for to trading in platforms through social media, in order to protect all the persons dealing in securities.

The link below shows the list of companies and entities that are licensed by the CMA to practice securities activities:

https://www.cma.gov.kw/ar/web/cma/licensed-companies

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.