Title: Press Release on Resolution No. (150) of 2024 Regarding Amendments to Some Provisions of the Attachment of Securities

Kuwait, November 10, 2024 – As part of the Capital Markets Authority’s (CMA) continuous pursuit to develop the regulations of securities activities, and its keenness to keep pace with the capital markets’ latest developments and internationally recognized standards in securities activities, and as a continuation of the CMA’s approach of conducting comprehensive research, study, and comparison with the latest regional and global legislation and practices, the CMA has introduced the amendments included in Resolution No (150)of 2024.

The amendments to Chapter Ten of Module Eleven of the Executive Bylaws of Law No. 7 of 2010 and its amendments are aimed at achieving the necessary integration between the provisions of Module Eleven of the Executive Bylaws and provisions  stipulated in the Boursa Kuwait Rulebook  governing the rules of forced sale as authorized by the CMA,  so as to avoid any conflict or repetition between the provisions of the Executive Bylaws and the Boursa Kuwait Rulebook . The amendments also emphasize the role of the clearing agency and the portfolio management companies as holders of securities in notifying the creditor pledgees and holders of rights registered with a lien on the securities of the execution of the attachment and making the necessary amendments to the shareholder register after the completion of the sale procedures. The role of a portfolio manager as the seller for the execution of securities located outside the State of Kuwait and the transfer of the sale proceeds to the Execution Department at the Ministry of Justice has been emphasized. Finally, some amendments, such as those to attachments represented by attachments conducted by financial institutions, Public Prosecution, or Bankruptcy Judge have been made to be more effective.

The CMA is constantly looking to develop the securities activities working method, in a way that achieves the optimal implementation and meets the capital markets requirements.

Ends-
Note to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw