CMA LAW: Capital Markets Authority Issues Licenses for Three Brokerage Companies

Kuwait, 23rd July 2013 – Pursuant to the Authority's resolution passed in its meeting No. (5) held on 2/4/2013 regarding the issuance of licenses for eleven brokerage companies and granting a grace period for three other companies until 4/7/2013 to meet the rest of the requirements, and in line with the Authority's efforts for implementing the provisions of Law No. (7) of 2010 and its Executive Bylaw, laying down the rules of supervision and regulation of securities' activity, and providing protection to dealers in such activities; the Authority has studied the adjustments made by the brokerage companies to their situations pursuant to the provisions of Articles (128, 130, 146) of the Executive Bylaw of the mentioned Law. It has approved issuing licenses for three brokerage companies operating in Kuwait Stock Exchange due to their fulfillment of the requirements of adjusting their situations according to the Authority's regulations and legislations in this regard, in particular the provisions of Law No. (7) of 2010 and its Executive Bylaw. These companies are as follows:
-    Al Arabi Financial Brokerage Company
-    Al-Seef Financial Brokerage Company
-    Al-Sharq Financial Brokerage Company
Thus, adjusting the licensed persons' situations according to the rules and regulations issued by the Authority is considered of utmost importance. They shall be implemented within the permitted period. It is believed that the execution of such rules and regulations shall lead to accomplishing the Authority's goals, in particular the ones related to regulating securities' activity to achieve fairness, competitiveness, and transparency, and reduce the expected systematic risks to protect dealers. It also aims at providing better services based on the latest technics, applications and systems in accordance with the international standards approved by the Authority.

Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities' activities. 

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Public Relations & Media Office
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Email: pr-media@kuwaitcma.org