'Capital Markets': Amendment of MoU with 'Commerce' regarding beneficial ownership data
Kuwait Capital Markets Authority and Ministry of Commerce and Industry signed Amendment No. 1 to the MoU on beneficial ownership data to enhance transparency
Translated by Qiyas from السياسة — Original source
- Signed Annex No. 1 to the amendment of the Memorandum of Understanding concluded in 2024
- The new annex enhances data integration and information updates, and supports the transparency framework
The Kuwait Capital Markets Authority announced on Sunday that it had signed Annex No. 1 to the amendment of the Memorandum of Understanding (MoU) concerning “Beneficial Ownership Data” with the Ministry of Commerce and Industry. The authority explained that this step follows up on the cooperation frameworks established by the MoU and develops them in light of recent developments relevant to the work areas of both entities.
In a press statement, the authority confirmed that the amendment was part of ongoing cooperation and coordination, and served to complete the MoU on coordinating cooperation between the two entities, which was signed on February 18, 2024.
It noted that the 2024 MoU was concluded within the framework of both entities’ efforts to enhance integration and coordination in operational mechanisms, facilitate the exchange of necessary data and information, and thereby support the efficiency and clarity of procedures in areas of mutual interest.
The authority added that Annex No. 1 aims to strengthen cooperation between the Ministry and the Authority 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 performs its role within its prescribed competencies and in accordance with prevailing legislation and decisions.
The authority emphasized 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 information available to each party. This contributes to improving institutional efficiency and supporting the effectiveness of the transparency framework related to beneficial ownership information, in line with relevant standards and practices.
