CMA LAW: Circular to All Persons Licensed by the Capital Markets Authority Circular No. (C.M.A/S.S/I.C/1/2014) Regarding Foreign Account Tax Compliance Act – FATCA Issued in the United States of America

The CMA would like to mention that the Foreign Account Tax Compliance Act – FATCA and the attached bylaws that include the dates of its enforcement may affect some of the financial institutions in Kuwait including some licensed persons.

Therefore, the CMA emphasizes the importance of the provisions of Article (150) of Law No. 7 of 2010 regarding the Establishment of Capital Markets Authority and Regulating Securities' Activity (CMA's Law) which stipulates that the personal and confidential data and information related to the licensed persons and traders in the securities exchange shall be protected. They may not be disclosed except in the events allowed by the law or pursuant to a court order.

Furthermore, the CMA would like to draw the attention of the licensed persons which are affected by the provisions of the mentioned American Act that the Act shall not influence their full compliance with the confidentiality provisions provided for in Article (150) of the CMA's Law. They shall also follow the sound methods and mechanisms related to providing information about their clients, and obtaining the client's consent or declaration of disclosing the data and information related to his/her financial operations, or pursuant to a court order.

Saleh Mubarak Al-Falah

Chairman, CMA Board of Commissioners

Official Stamp of

Capital Markets Authority

Issued on 10 / 4 / 2014

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