Title: Resolution No. (107) of 2021 Regarding Extending the Grace Period Granted to Kuwait Clearing Company to Comply with Article (2-2-3) of Chapter Two of Module Four of the Executive Bylaws of Law No. 7 of 2010 and their Amendments

Having Perused:

- Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments; and

- Resolution No. (68) of 2016 regarding the licensing of Kuwait Clearing Company which has been through the reconcilement process pursuant to Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- Resolution No. (132) of 2020 and (47) of 2020 and (190) of 2019 and (107) of 2019 and (170) of 2018 and (95) of 2018 and (19) of 2018 and (113) of 2017 Regarding Extending the Grace Period Granted to Kuwait Clearing Company to Comply with Article (2-2-3) of Chapter Two of Module Four of the Executive Bylaws of Law No. 7 of 2010 and their Amendments; and

- CMA Board of Commissioners Resolution passed in its meeting no. (33) of 2021 held on 22/09/2021.   

The Following Was Resolved

Article (1)
The grace period granted to Kuwait Clearing Company shall be extended to comply with the provisions of Article (2-2-3) of Chapter Two (Clearing Agencies) of Module Four (Securities Exchanges and Clearing Agencies) 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 until the execution of CMA’s  Resolution No. (69) of 2018 Regarding the amendment 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 on the development of the infrastructure of the Post-Trade Model,  in order to meet the criteria specified by the CMA.

Article (2)
Kuwait Clearing Company shall submit to the CMA a quarterly report regarding the status of the remaining requirements of the license or on the occurrence of any new event from the date of issuance of this resolution until the execution of CMA’s mentioned Resolution No. (69) of 2018.

Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from date of its issuance, and it shall be published in the Official Gazette. 

Prof. Ahmad Al-Melhem

Issued on: 23/09/2021

Copy of the Official Document