(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Nov 3 (KUNA) -- Kuwait Capital Market Authority is undertaking modifications to facilitate entry of foreign investors into the Kuwaiti market and overhaul the national business-financial environment.
The CMA said in a statement, on Saturday, that it had issued decision 135/2018 for amending some provisions on the first book, "Definitions," and the 16th book on combating money laundering and funding terrorism, stipulated in the executive by-law of the law 7/2010, with respect of establishing the authority and regulating financial securities.
The amendments are part of the ongoing renovation and reform scheme to regulate stock transactions, it said, also noting that it coordinated with Kuwait Clearing Company in this regard.
The move is crucial for overhauling the stock market system, it has stressed.
The CMA board of commissioners approved, during a meeting on October 31, some modifications of the third chapter, he said, noting that some of the changes stipulated that the duration for companies seeking to be enlisted would be five days, instead of instantly. The reforms have been helpful in promoting Kuwait's classification as an emerging market by the FTSE, in addition to advancing its ranking in terms of protecting minority investors from 81 to 72, according to the World Bank (WB). (end) skm.rk