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General and transitional provisions

Article 149

The Commission may exchange information and documents relating to irregularities in securities matters between the Commission and the corresponding bodies in other countries, at the discretion of the Commission in each case and the public interest, provided that the principle of reciprocity is applied.

Article 150

All data and information relating to the work of the Commission shall be confidential and may not be disclosed except with the approval of the Commission or by order of the judge. The data and information of licensed persons and dealers in the securities market shall enjoy the protection provided for personal and confidential data and may not be disclosed except in cases permitted by law or by order of a judge.

Chapter XIII

Transitional Provisions (151 – 165)

Article 151

A decree shall be issued appointing the members of the Board of Commissioners within three months from the date of issuance of this law.

Article 152

The Commission shall issue the executive regulations of this law within six months from the date of issuing the decree naming the Board of Commissioners and publishing it in the Official Gazette.

Article 153

Notwithstanding the provisions of Article 164, the settlement of disputes arising on the application of this law by arbitration shall be subject to the provisions contained in Ministerial Decree No. 2 of 1984 establishing the Arbitration Committee and the rules and procedures before it until the Commission issues a system of arbitration.

Article 154

Pursuant to the provisions of this Law, the current Kuwait Stock Exchange shall be considered as a licensed stock exchange and shall arrange its status in accordance with the provisions of this Law and its Executive Regulations, in particular those relating to license terms and conditions, within one year from the date of the publication of the Executive Regulations in the Official Gazette. All decisions, instructions and internal regulations of the Kuwait Stock Exchange shall be valid until canceled or amended by the Authority in accordance with the provisions of this Law and its Executive Regulations.

Article 155

The supervisory functions prescribed in this Law shall be transferred to the Authority within six months from the date of publication of the Executive Regulation. The Exchange which replaced the Market and the Market Committee after this date shall not exercise any competencies determined by this Law to the Authority.

Article 156

All material and moral assets of the Kuwait Stock Exchange shall be transferred to the Authority upon the issuance of this Law. The Market Committee shall continue to manage it until the Authority takes over the management functions. During the first year of the law, the Authority shall appoint an advisory committee to evaluate the physical and moral assets of the Kuwait Stock Exchange and determine what shall be transferred to the Authority and the remainder thereof. The Authority shall authorize the Stock Exchange and the Market Committee to manage these assets and perform the administrative and financial tasks required by the functioning of the Stock Exchange Facility during the transitional period.

Article 157

Without prejudice to the job conditions prescribed for the employees of the Kuwait Stock Exchange on the date of the application of this Law, these employees shall continue to work for the Authority with the same rights and duties existing at that date, and their remuneration for the previous period shall be settled and settled by the Kuwait Stock Exchange. Employees of the Kuwait Stock Exchange in accordance with the requirements of this law and its executive regulations. The employment rate of Kuwaitis shall be determined to be not less than (75%) of the total number of employees in the Capital Market Authority, stock exchanges and clearing agencies.

Article 158

In accordance with the provisions of this Law, Kuwait Clearing Company shall be considered as a licensed clearing agency.

Article 159

Pursuant to the provisions of this Law, the Financial Broker licensed in the Kuwait Stock Exchange shall be deemed to be an authorized broker at the Stock Exchange.

Article 160:

Pursuant to the provisions of this Law, all securities listed on the Kuwait Stock Exchange shall be listed on the Exchange.

Article 161

Investment funds authorized under Decree Law No. 31 of 1990 shall be considered licensed under the provisions of this Law and its Executive Regulations and shall arrange their status in accordance with the provisions of this Law and its Executive Regulations within six months from the date of publication of the Executive Regulations.

Article 162

Investment companies registered with the Central Bank of Kuwait, which are engaged in the activity of managing third parties’ funds and licensed to manage investment portfolios, shall be licensed to manage collective investment systems in accordance with the provisions of this Law and its Executive Regulations and shall arrange their status in accordance with the provisions of this Law and its Executive Regulations within one year from the date of publication of the Executive Regulation.

Article 163

After the end of the transitional periods referred to in this law, the following laws, decrees and decrees shall be canceled: 1. Decree issued on 14 August 1983 regulating the Kuwait Stock Exchange. 2. Decree issued to regulate the liquidation of securities trading operations and the Clearing House of the Kuwait Stock Exchange dated 27 December 1986. Law No. 12 of 1998 on licensing the establishment of leasing and investment companies. 4- Article (1) and Article (2) and Articles (6) to (13) of Decree Law No. 31 of 1990 Regarding the Regulation of Trading of Securities and Establishment of Investment Funds, and Amending Articles (3) and (5) so as to transfer the responsibilities of the Ministry of Commerce. And industry for these materials to the Commission. Law No. 2 of 1999 on the Declaration of Interests in the Shares of Joint Stock Companies.

Article 164

This law shall be regarded as private law and its provisions shall be considered special provisions.

Article 165

The Prime Minister and the Ministers shall implement this law and it shall be published in the Official Gazette.

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