CmaBoardReleases
Title: Announcement Regarding Performing Asset Valuation Activity
Referring to the Capital Markets Authority Resolution No. 76 of 2017 issued on 06/06/2017 regarding extending the period of the transitional provisions for a period of 6 months ending on 30/11/2017 granted for the auditing firms affiliated with the registered auditors within the Authority to practice the activity of valuation of assets, as referred to item No. (26) of Appendix No. (3) (Transitional Provisions) issued by the Capital Markets Authority Resolution No. (72) of 2015.
The Capital Markets Authority announces the end of the mentioned transitional provisions period for the auditing firms affiliated with the registered auditors within the Authority to practice the activity of valuation of assets. Therefore, the only entities approved by the Authority to practice the activity of valuation of assets are as follows:
1. BDO Consulting Co. WLL.
2. Ernst & Young Consulting Company. WLL
They hereby shall abide by Article (1-39) of Chapter One in Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of CMA’s Law and their amendments, and Appendix (1) of Module Eleven (Dealing in Securities) in the Executive Bylaws of CMA’s Law and their amendments on valuation of real estate assets. Moreover, a licensed person licensed to practice the activity of valuation of assets cannot conduct business as a real estate valuation profession without obtaining a license from the Ministry of Commerce and Industry in accordance with the provisions of Ministerial Resolution No. (183) of 2010 issued on 06/06/2016 regarding the organization of the profession of real estate valuators in the State of Kuwait; however he may seek the assistance of any person who is licensed to practice the profession of real estate valuation.