CmaBoardReleases
Title: Resolution No. (01) of 2022 Regarding Amending Some Provisions of the Collective Investment Schemes
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- CMA Board of Commissioners Resolution passed in its meeting No. (46) of 2021 held on 22/12/2021.
The Following Was Resolved
Article (1)
Module One (Glossary) 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 is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (2)
Module Eight (Conduct of Business) 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 is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (3)
Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (1) attached to this Resolution.
Article (4)
Appendix 1 (Application for Marketing the Collective Investment Scheme Units Incorporated outside the State of Kuwait) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (2) attached to this Resolution.
Article (5)
Appendix 2 (Application for Incorporation of a Local Fund) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (3) attached to this Resolution.
Article (6)
Appendix 3 (Prospectus) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (4) attached to this Resolution.
Article (7)
Appendix 4 (Investment Regulations for Each Type of Fund) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (5) attached to this Resolution.
Article (8)
Appendix 5 (Form of Monthly Information) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (6) attached to this Resolution.
Article (9)
Appendix 6 (Application for the Incorporation of a Contractual Collective Investment Scheme) of Module Thirteen (Collective Investment Schemes) 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 is hereby amended pursuant to Annex (7) attached to this Resolution.
Article (10)
Appendix 9 (Application to Renew a Collective Investment Scheme) of Module Thirteen (Collective Investment Schemes) 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 is hereby added pursuant to Annex (8) attached to this Resolution.
Article (11)
Appendix 10 (Quarterly Report of the Liquidation Work) of Module Thirteen (Collective Investment Schemes) 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 is hereby added pursuant to Annex (9) attached to this Resolution.
Article (12)
The Circulars issued by the Capital Markets Authority stipulated in Annex (10) of this Resolution are hereby cancelled.
Article (13)
The Collective Investment Schemes and all other parties relevant to the provisions issued in this Resolution are hereby granted a transitional period to regularize their situations by taking the following procedures:
- Meet any new requirement stipulated in Annex (1) and Annex (5) of this Resolution no later than 29/09/2022.
- Amend the articles of associations and the contracts of the collective investment schemes in compliance with the new provisions stipulated in this Resolution no later than 31/05/2022.
- Annex (6) and Annex (9) shall come into force as of 15/03/2022.
Article (14)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Prof. Ahmad Almelhem
Issued on: 03/01/2022