Capital Markets Authority: Amendment to MoU with Ministry of Commerce on 'Beneficial Ownership Data' - Sarmad

The Kuwait Capital Markets Authority (CMA) announced on Sunday that it had signed Annex No. 1 to the Memorandum of Understanding (MoU) on “Beneficial Ownership Data” with the Ministry of Commerce and Industry. The authority clarified that this step extends and develops the cooperation frameworks established by the MoU in light of recent developments relevant to the work areas of both entities.

In a press statement, the CMA emphasized that the amendment was part of the ongoing cooperation and coordination between the two parties, and served to complement the MoU on coordinating cooperation between them, which was signed on February 18, 2024.

The authority noted that the 2024 MoU was concluded within the framework of both entities’ efforts to enhance integration and coordination in their operational mechanisms, and to facilitate the exchange of necessary data and information between them, thereby supporting the efficiency and clarity of procedures in areas of mutual interest.

It added that Annex No. 1 aims to strengthen cooperation between the Ministry and the CMA in the field of beneficial ownership data by establishing a clearer framework for exchanging available related information. This contributes to supporting the accuracy, completeness, and updating of beneficial ownership information, while affirming that each entity exercises its role within its prescribed jurisdiction and in accordance with prevailing legislation and decisions.

The CMA stressed that the signing of the annex reflects both entities’ commitment to continuing the development of cooperation, coordination, and information-sharing frameworks, enhancing the integration of their respective competencies, and leveraging the available information held by each party. This contributes to improving institutional efficiency and supporting the effectiveness of the transparency system related to beneficial ownership information, in line with relevant standards and practices.

It is worth noting that the CMA was established pursuant to Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, and its amendments, which was approved by the Kuwait National Assembly in February 2010.

Under the law, the CMA is responsible for regulating and monitoring securities activities, ensuring the principles of transparency, fairness, and efficiency, and requiring listed companies to implement corporate governance principles, while protecting investors from unfair practices and violations of the CMA Law.