Kuwait Capital Markets Authority issued Circular No. 1 of 2016 dated 5 January 2016 to the Chairmen of Board of Directors, regarding the annual report of the licensed persons. The Circular reads:
“We would like to draw your attention to the provisions of Article 5-7 of Volume XVI of the Executive Regulations of Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority and the Regulation of the Securities Activity, as amended, which emphasizes that Compliance Officers shall prepare an annual report to the Board of Directors of the licensed persons. The report shall include all actions taken to implement the policies, procedures, internal controls as well as any proposals to enhance the effectiveness and efficiency of such actions. In addition, a copy of such report shall be submitted to the Capital Markets Authority.
Therefore, you should abide by the above mentioned provisions and provide the Offsite Supervision Department at CMA with that report, inclusive of all actions taken throughout the reporting year, latest by 1st of March of each year.”
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