How to cancel or stop the registration in the Boursa Kuwait for the persons registered in it?
According to the rules of the Boursa Kuwait, registration in the stock exchange is canceled or suspended at the request of the person registered in the stock exchange or by the stock exchange, and below we will explain how to cancel or stop the registration by the stock exchange as well as at the request of the person registered in the stock exchange.
Cancellation or suspension of registration in the Boursa Kuwait by the Stock Exchange
The Stock Exchange shall suspend or cancel the registration of the person registered in the Stock Exchange if the Capital Markets Authority revokes or suspends the securities activity license issued to him regarding the activity registered on it, the stock exchange may take the decision to suspend or cancel if one of the following is proven to it:
- Failure to meet the conditions for continuing registration and the criteria applied under the provisions of Law No. 7 of 2010, its executive regulations, or the rules of the Boursa Kuwait.
- The occurrence of a person registered in the Stock Exchange in one of the cases that result in the suspension or cancellation of the registration in accordance with the rules of the Boursa Kuwait
The Stock Exchange issues a reasoned decision to suspend or cancel the registration of the person registered in the Stock Exchange, and this decision is effective from the date of its publication on the Stock Exchange’s website or notification thereof, or any other person in relation to any violation that may have occurred prior to the date of the Stock Exchange’s decision to cancel or stop the registration.
Cancellation or suspension of registration in the Boursa Kuwait at the request of the person registered in the Stock Exchange
First: Cancel the registration
A person registered in the stock exchange may submit an application to cancel the registration of some or all of the activities of the securities on which he is registered, as follows:
- The person registered in the Stock Exchange submits a request for deregistration according to the form approved by the Stock Exchange, provided that all documents and information required by the Stock Exchange are attached to the application, and that the documents include evidence of payment of the prescribed fee.
- The Stock Exchange shall notify the applicant by providing it with any additional documents or information if it deems it necessary. If the applicant fails to submit the required documents and information within the period specified by the Stock Exchange in the notification without an excuse acceptable to the Stock Exchange, the application shall be considered null and void.
- The Stock Exchange shall decide on the application for deregistration within ten days from the date of receiving this application, complete with all information and documents.
The Stock Exchange shall notify the applicant for deregistration of its decision regarding the decision on this application. In the event of rejection, the decision must be justified.
Second: Temporary cessation of activity
In the event that the registered person in the stock exchange desires to temporarily stop the practice of securities activity, he must notify the stock exchange of the date of stopping and the reasons for his decision, at least three months prior to the date of the actual ceasing.
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