Rules for registration in the Boursa Kuwait

The rules of the Boursa Kuwait determined the activities of the persons registered in the Boursa . The persons registered in the Boursa include the following categories:

1- Licensed Broker

2- Market Maker

3- The service provider

4- Any other person specified by the Boursa after the approval of the Capital Markets Authority.

These persons may not practice their activity until after their registration in the Boursa has been completed and the prescribed fees for registration have been paid, and one person may also request to be registered in more than one class of persons registered in the Boursa.

Boursa Kuwait maintains a register that includes a statement of the names of the persons registered in the Boursa and their representatives and any other persons specified by the Boursa. This record includes data and information about the persons registered in the Boursa. If the status of any person registered in the Boursa Kuwait changes from one category to another, or his entity or data is modified, he shall be notified The Boursa in the manner it determines, and the registry data is modified accordingly.

Application for registration in the Boursa Kuwait

The person wishing to register with the Boursa or his legal representative shall submit the registration application according to the form prepared for this purpose by the Boursa, and the registration application shall be submitted with the following information and documents, as the case may be:

1- The name of the applicant, his address, commercial registration number and the issued and paid-up capital.

2- Determining the category of registration that the applicant wishes to practice.

3- A copy of the contract of the company wishing to register, and any amendments thereto.

4- Applications for the nomination of the occupants of the representatives of the activity in relation to the licensed broker and the market maker, in accordance with the form prepared for this purpose by the Boursa.

5- A declaration by the applicant for registration that the information contained in the application and the documents attached to it are correct and complete, in addition to any other declaration required by the Boursa.

6- Receipt of payment of the application study fee.

7- Any other information or documents required by the Boursa.

The Boursa has the right to exempt the registration applicant from some requirements or to impose additional requirements, depending on the type of activity subject to registration.

Deciding on the application for registration

Boursa Kuwait studies the application for registration and may notify the applicant of the need to submit any additional information or documents. The Boursa submits the application for registration within ten days from the date of receiving the application, complete with all the information and documents required by the applicant.

The Boursa may take any of the following decisions regarding the registration application:

1- Approval to register

2- Issuing an initial approval conditional on the completion of certain procedures or the fulfillment of specific criteria within the period specified by the Boursa for the applicant for registration, and the Boursa may extend this period whenever it deems necessary.

3- Rejection of the registration request.

The Boursa shall notify the applicant for registration of its decision related to deciding on this application. In the event of rejection, the decision must be justified.

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