Title: Resolution No. (81) of 2024 Regarding the Cancellation of the Securities Activities License of KAB Kuwait Group for Financial Brokerage Company and its Removal from the Licensed Persons Register at the CMA

Having Perused: 
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and amendments thereto; and
- The application submitted by KAB Kuwait Group for Financial Brokerage Company to cancel all securities activities and remove its name from the licensed persons register at the CMA; and
- The decision of the Extraordinary General Assembly of KAB Kuwait Group for Financial Brokerage Company passed in its meeting on 22/05/2024 regarding approving the amendment of the objectives for which the Company was established pursuant to the provisions of the Commercial Companies Law No. 15 of 1960, and notation of the same in the commercial register at the Ministry of Commerce & Industry on 23/05/2023; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.

The Following Was Resolved
Article (1)
The license of all securities activities of KAB Kuwait Group for Financial Brokerage Company is hereby cancelled, and it shall be removed from the licensed persons register at the CMA. 

Article (2)
The Company shall meet all legal obligations set by Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and amendments thereto, for the period prior to the enforcement of this Resolution.

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

Fahed Al-Fadli
Acting Head of Supervision Sector
Issued on: 13/06/2024.

Copy of the Official Document