Decree-Law Issued Amending Certain Provisions of the Capital Markets Authority Law

The Official Gazette “Kuwait Today” published in its issue No. 1809 Decree-Law No. 91 of 2026 amending certain provisions of Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities. This decree abolished the provisions related to the Capital Markets Court and designated the Economic Court, established by Decree-Law No. 88 of 2026, as the competent court for civil, commercial, and administrative disputes arising from the application of the law. The Capital Markets Court shall continue to hear the cases and appeals registered with it prior to the issuance of this decree until a final judgment is rendered.

The Capital Markets Court shall continue to hear the cases and appeals registered with it before the date of entry into force of the provisions of this Decree-Law until a final judgment is rendered.

Article 3 of the decree stipulates the abolition of the provisions related to the establishment of the Capital Markets Court, certain procedures concerning it, and appeals against its judgments, given that non-criminal disputes arising from the application of the aforementioned Law No. 7 of 2010 now fall under the jurisdiction of the Economic Court, and the crimes stipulated therein are subject to general rules regarding jurisdiction and criminal procedures.

Any provision conflicting with the provisions of this Decree-Law is hereby repealed.

The Ministers, each within their respective competence, shall execute this Decree-Law. It shall be published in the Official Gazette and shall enter into force from the date of entry into force of Decree-Law No. 88 of 2026 issuing a law concerning the establishment of the Economic Courts.

Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities provided a special framework for disputes arising from the application of its provisions, establishing the Capital Markets Court, defining its jurisdiction, and regulating certain procedures before it, considering the special nature of capital market disputes and the need for careful and expedient resolution.

Since Decree-Law No. 88 of 2026, issuing a law concerning the establishment of the Economic Courts, was issued, entrusting these courts with hearing non-criminal disputes arising from the application of the aforementioned Law No. 7 of 2010, it became necessary to amend this law legislatively.

In light of the Emiri Order dated 2024/05/10, which stipulated in its Article (4) that laws shall be issued by decree-laws, this Decree-Law was prepared to amend certain provisions of the aforementioned Law No. 7 of 2010.

Article 1 of the present Decree-Law replaces the definitions of “Competent Minister” and “Competent Court” found in Article (1) of the aforementioned Law No. 7 of 2010. The definition of “Competent Minister” is now the Minister designated by the Council of Ministers, instead of the Minister of Commerce and Industry, to avoid the need to amend legislation in the future should the administrative affiliation of the Capital Markets Authority be transferred to another minister or a different ministerial portfolio.

The definition of “Competent Court” is now the Economic Court for civil, commercial, or administrative disputes established by Decree-Law No. 88 of 2026, or the competent criminal court for hearing criminal offenses stipulated in Law No. 7 of 2010, in accordance with the general rules stipulated in the Law of Criminal Procedure and Courts issued by Law No. 17 of 1960.

Furthermore, the second paragraph of Article 1 of the present Decree-Law replaces the phrase “Competent Minister” with “Minister of Commerce and Industry,” and the phrase “Competent Court” with “Capital Markets Court,” wherever they appear in the aforementioned Law No. 7 of 2010.

Article Two of this decree-law contains a transitional provision stipulating that pending lawsuits and appeals existing at the time the law enters into force shall remain before the Capital Markets Court until they are adjudicated.

Article Three provides for the repeal of the provisions relating to the establishment of the Capital Markets Court, certain procedures pertaining to it, and appeals against its rulings, following the transfer of non-criminal disputes arising from the application of Law No. (7) of 2010, referred to above, to the jurisdiction of the Economic Circuits, and the subjection of the crimes stipulated therein to the general rules governing jurisdiction and criminal procedures.

Article Four of the present decree-law obligates the ministers, each within their respective competence, to implement its provisions and publish it in the Official Gazette. It specifies that the effective date of its provisions shall be the date of entry into force of Decree-Law No. (88) of 2026, issuing a law concerning the establishment of the Economic Circuits, given the interdependence of their enforcement.