CMA LAW: Resolution No. (34) of 2016 Regarding Documents Submitted by the Current Management of Kuwait Stock Exchange (KSE) to Boursa Kuwait Securities Company (BKSC)

Having Perused:
- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, and;
- Resolution No. (72) of 2015 on issuance of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments; and
- Resolution No. (80) of 2015 on authorizing BKSC to manage all material and intellectual assets of Kuwait Stock Exchange (KSE) and to undertake the administrative and financial functions required for administering the Exchange’s entity; and
- Resolution No. (81) of 2015 on approving the detailed plan of accomplishing the passing and receiving of KSE; and
- Resolution No. (82) of 2015 on formation of the joint work team of passing and receiving of KSE; and
- The report submitted by the head of the joint work team of passing and receiving the documents of KSE, which is formed pursuant to the letter of the Commissioner supervising the joint work team, dated 17/2/2016.

And based on the authorization stated in Article (2) of the above mentioned Resolution No. (82) of 2015.

The Following Was Resolved

Article (1)
Without prejudice to the provisions of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and their amendments, and the provisions of Law No. (106) of 2013 on Anti-Money Laundering and Combating the Financing of Terrorism, and its Executive Bylaws, the Market’s documents shall be kept for the following periods:
1- All original books and records of the Market shall be kept for 12 years starting from the end of the year which the book or record covers.
2- All vouchers related to the Market’s commercial books – whether hard or soft copies – shall be kept for 12 years starting from the end of the year which is covered in the book relevant to the voucher. If the voucher is related to a contract, it shall be kept for the same period specified in item (3) of this Article regarding contracts.
3- Original contracts and related documents shall be kept for 12 years starting from the end date of the contract.
4- If the original documents are on file of a case or investigation, then they shall be kept for two years starting from the issue date of a final court order or a final decision in an investigation. In case the order is an executive writ for the Market’s interest, then the period shall only start from the date of executing the order. The total period stated in this item shall not be less than the period specified in this Article for keeping the document.
5- Original correspondence which are not related to contracts, records, a case or investigation shall be kept for 7 years starting from the documents date.

Article (2)
Documents whose keeping period has ended may only be terminated after keeping a soft copy thereof. Soft copies of documents handed over to BKSC may only be terminated pursuant to this Resolution after obtaining the CMA’s approval regarding the same.

Article (3)
Scanned documents may be kept as soft copies. 

Article (4)
All KSE documents, other than the files of CMA employees at the Exchange’s entity which are classified by the department or organizational unit at the Market as active files, shall be handed over to BKSC.
Additionally, all documents of the Companies Department, the Technical Office Department, Projects Management Department and Internal Audit Department at the KSE shall be submitted to BKSC. 

Article (5)
Documents mentioned in Article (4) of this Resolution shall be transferred from KSE to BKSC at the headquarter of KSE by the end of the work hours on 24/4/2016. The documents shall be passed on as follows:
1- Representative of each of the Market’s departments within the joint work team formed pursuant to Resolution No. (82) of 2015, and representatives from each counter party in BKSC in the mentioned work team shall prepare lists of the department’s documents which will be handed over to KSE.
2- Representative from each of the Market’s departments in the work team formed pursuant to Resolution No. (82) of 2015, and representatives from each counter party in BKSC in the mentioned work team shall sign the report of delivery and receipt of the department’s documents with the attendance of both team leaders.
3- The joint work team leaders – with the attendance of the Commissioner supervising the team – shall sign the delivery and receipt report of the Market’s documents according to what is stated in the delivery and receipt report signed by departments’ representatives of the joint work team.

Article (6)
With the exception of the files that shall be handed over to BKSC pursuant to Article (4) of this Resolution, all Market’s documents shall be handed over to the CMA. The CMA shall keep soft copies of all documents that shall be handed over to BKSC. The CMA’s system and policy of keeping documents shall apply on the such documents.

Article (7)
If the company desires to receive a copy or the original copy of any Market document from the CMA, or peruse any information or document – relevant to the Exchange’s entity – which are saved on the computers of any of CMA’s employees or their emails during the period preceding 25/4/2016, then the company shall submit an application to the CMA in which it mentions the subject of the document or information and its relevance to the administrative function of the Exchange’s entity and reasons of such need.

Article (8)
All CMA’s sectors and departments, in addition to KSE and BKSC – each within its jurisdiction – shall execute this Resolution. It shall come into force from the date of its issuance.

Khalifa Abdullah Al-Ajeel
Member of the Board of Commissioners
General Supervisor of the Joint Work Team
of the Passing and Receiving of KSE

Issued on: 19/4/2016   

Copy of the Official Document

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