CMA LAW: Press Release Regarding Resolution No. (52) of 2024

Kuwait, April 23, 2024 – As part of the Capital Markets Authority’s (CMA) ongoing efforts to develop the regulatory framework of its work, in particular concerning the reclaim of fees which is one of its revenue sources, the CMA issued on Tuesday 23/04/2024 Resolution No. (52) of 2024 regarding the preparation of regulations for reclaiming fees of the services provided by the CMA through including some amendments to the provisions of Module Two (Capital Markets Authority) of the 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.

This amendment aims to regulate a mechanism for reclaiming the services fees paid by the public based on an application submitted to the CMA stating the reasons for withdrawal, no later than the next business day following the day of submitting the service application. The withdrawal application is decided within two business days of its submission. The deadline for considering the application may be extended by the CMA if deemed necessary, taking into consideration that the CMA has not yet initiated the processing of the service. The paid fee may be partially refunded in the event of the CMA’s approval of the service withdrawal application.

This amendment comes as part of the CMA’s efforts to develop its work environment in line with the latest developments.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw

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.