KUW CMA License Renewal Application


On Apr. 16, KUW CMA revised rules for license renewal, cancellation.


  • KUW CMA issued Resolution 56 of 2023 regarding license renewals and cancellations.
  • Amended Module Five (securities activities of registered persons), Appendix 6 (license renewal) and Appendix 7 (license cancellation) of Executive Bylaws of Law No. 7/2010.
  • Added Appendix 27 (regulations of application for cancellation of license) to Module 5.
  • Amendments
  • Added provisions to Module Five on license renewal application process, determination.
  • As well as provisions on submitting a license cancellation application, determination.
  • Specified person's obligations after cancellation, such as amending company's articles.
  • Added provision on appointment of independent liquidator to a licensed person.
  • Effectiveness
  • Resolution 56/2023 is effective 6 months after the date of issuance, Oct. 16, 2023.
  • Apr. 2023 Further Details
  • On Apr. 19, 2023, KUW CMA published a press release with additional information about Resolution 56 of 2023 regarding license renewals and cancellations.
  • Clarified procedures and deadlines for applying for renewal or cancellation of a license to practice securities activities, required documentation, duties of the licensed person.
  • Sep. 2023 Resolution Extension
  • On Sep. 24, 2023, KUW CMA issued Resolution 130 of 2023 extending Res 56 of 2023.
  • Enforcement of Res 56/2023 is extended for 6 months starting from Oct. 15, 2023.
  • Resolution 130/2023 shall come into force on date of its issuance, on Sep. 24, 2023.

Regulators KUW CMA
Entity Types B/D; IA; Inv Co
Reference PR, Res 130/2023, 9/24/2023; PR 4/19/2023; Res 56, 4/16/2023; Citation: Module Five;
Functions Compliance; Legal; Operations; Registration/Licensing; Treasury
Countries Kuwait
Category
State
Products Fund Mgt; Securities
Regions EMEA
Rule Type Final
Rule Date 4/16/2023
Effective Date 4/15/2024
Rule Id 169712
Linked to N/A
Reg. Last Update 9/24/2023
Report Section International

Last substantive update on 09/26/2023