CMA LAW: Circular No. (6) of 2019 Regarding the Reviewed Quarterly Financial Statements and Audited Annual Financial Statements, and the Financial Reports. A Circular to All Licensed Persons that Practice Securities Activities except the Investment Funds and the Local banks

Chairman of the Board of Directors 
Greetings,

As part of CMA’s keenness to regulate the securities activities and ensure compliance with the relevant regulations and laws, including reviewing the supervision over the licensed persons to practice securities activities, especially their commitment to submit their financial statements according to the periods set out in Circular No. (6) of 2017 issued on 25/04/2017, and their commitment to submit the financial reports according to Circular No. (5) of 2018 issued on 04/04/2018; the CMA draws the attention of the following parties:

First: The licensed person whose activities are restricted to the following securities activities: (Investment Advisor, Investment Controller, Asset Valuation, and Credit Rating Agency).
Second: Branches of foreign banks who work in the State of Kuwait, and has a securities activities’ license issued by the CMA.  

That they have been exempted from submitting their Reviewed Quarterly financial statements to the CMA, while maintaining their commitment to submit the Audited Annual Financial Statements within 90 days from the end of the period set out in the statement, in addition to submitting drafts of the required financial statements quarterly not monthly. 

Any provision mentioned in another circular that conflicts with this circular shall be annulled.

Prof. Ahmad Al-Melhem
Issued on: 27/05/2019

Copy of the Official Document

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