Capital Markets Authority-Initial Implementation Phase - CMA

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Navigation

  • Home
    • Resolutions and Circulars
    • Announcements and Press Releases
    • CMA Law
    • Executive Bylaw
    • Forms
    • Reports and Complaints
    • Annual Reports
    • Strategic Reports
  • About CMA
    • Mission
    • Vision
    • Institutional Values
    • CMA Objectives
    • Code Of Ethics
    • CMA Board of Commissioners
    • Employment
    • Chairman Message
    • Organizational Structure
  • Awareness
    • Suggestions
    • Publications
    • National Project
    • Events
    • List Of Licensed Companies
    • External Audit Offices
    • List Of Registered Auditors
    • Local and Gulf Unlicensed Entities
    • Persons Restricted from Practicing Securities Activities or Registered Positions and Employment Positions
    • Workshops
    • Facilitating the opening of investment accounts Initiative
    • CMA Radio
    • FAQ
  • Media Center
    • List of Investment Funds
    • List Of Agreements
    • CMA Gallery
    • Media Appearances
    • Press Releases
    • Kuwait's Exchange Privatization Journey
    • Main Resolutions and Procedures of Precautionary Period Against COVID-19
  • International Organizations
  • Fintech
    • Introduction to Financial Technology
    • Securities-based Crowdfunding
    • Digital Financial Advisory
    • Initial Implementation Phase
    • List of Companies Registered in the Fintech Services Register
    • Digital Library
    • Contact the Fintech Unit
عـربـي

Initial Implementation Phase - CMA

Asset Publisher

Announcement

Mon,19 May 2025
Announcement Regarding Issuance of Disciplinary Board Resolution
Mon,19 May 2025
Announcement Regarding Issuance of Disciplinary Board Resolution
Mon,19 May 2025
Announcement Regarding Issuance of Disciplinary Board Resolution

Initial implementation phase


 

Initial implementation phase
The Capital Markets Authority issued Resolution No. (181) of (2023) on 28/12/2023 announcing the launch of the initial implementation phase of Module Nineteen (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010 and their amendmends, which comprises of a gradual implementation  of the regulatory framework of the financial technology services that are governed by the Capita Markets Authority through Module 19 (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010 and their amendmends.

To view the resolution: https://www.cma.gov.kw/en/web/cma/cma-board-releases/resolutions-and-regulations/-/cmaboardreleases/detail/1443370

Initial Implementation Phase Timeframe
The initial implementation phase will span one and a half years, from January 2, 2024, to July 1, 2025. It will be divided into three distinct sub-phases:

1) Application Period: This period runs from January 2, 2024, to July 1, 2024. During this time, interested parties can submit their applications to participate.
2) Practice Period: This period begins upon the Capital Markets Authority's (CMA) approval of an applicant.
3) Evaluation Period: This period starts at the conclusion of the initial implementation phase on July 1, 2025. It will involve a comprehensive evaluation of the framework's effectiveness in serving the vital sector and empowering client protection. Based on the findings, improvements will be made to the framework.


 

Legestlative Flexbility
The initial implementation phase offers several unique characterestics including legistlative flexibility, without compromising  the necessary protection for the service providers and clients, ultimately aiming to improve the supervisory framework's efficiency and effectiveness. Legistlative flexibility is administered through the adoption of the “Comply or Explain” principle, which is applied on  certain provisions of the previously mentioned Module that are determined in CMA’s Resolution (181) of 2023.

Regularization 
The initial implementation phase includes a transition period for  persons who provide any of the digital financial services for their clients before the  issuance of Module Nineteen (Financial Technologies). This period, running from January 2, 2024, to July 1, 2024, allows providers to regularize their status according to the module's requirements and provisions without interrupting their service delivery.

Application Submission Process to Provide Finacial Technology Services Within the Initial Implementation Phase
For the persons who wish to provide financial technology services and for those who are subject to the transition period must ensure compliance with all conditions and requirements outlined in Module 19 (Financial Technologies). They must complete the designated form for registering a crowdfunding platform in the financial technologies register, or the designated form for requesting a license to provide Digital Financial Advisory services. All forms, along with all necessary documents, shall be submitted to the CMA's General Register via the designated email address:
GR@cma.gov.kw

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In this section

  • Introduction to Financial Technology
  • Securities-based Crowdfunding
  • Digital Financial Advisory
  • Initial Implementation Phase
  • List of Companies Registered in the Fintech Services Register
  • Digital Library
  • Contact the Fintech Unit
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