Financial activity in Kuwait is governed by Law No. 7 of 2010 establishing the Capital Markets Authority and regulating securities activity, together with its Executive Regulations. Both have been amended repeatedly since 2010, and a position taken on an earlier version of the modules is not a safe guide to the current one. We advise institutions, issuers and investors operating within that framework, and act for investment companies, placement agents, fund and portfolio managers, local agents and subscribers.
On the transactional side we advise on public offerings and private placements, the establishment and licensing of collective investment schemes, discretionary and non-discretionary portfolio mandates, acquisitions of listed companies and the mandatory offer rules, related party transactions and the approvals they require, and the disclosure that has to accompany each of these.
On the regulatory side we advise on licensing and the conditions attaching to it, continuing disclosure obligations, market conduct rules, client money and custody requirements, anti-money laundering obligations in the securities context, and the corporate governance module as it applies to listed and licensed entities. Where the Authority opens an investigation, we act through the inquiry, before the disciplinary bodies, before the Capital Markets Court and on appeal. This is in addition to preparing the legal groundwork for listing on Boursa Kuwait and on the emerging companies market.