Kuwait plans to replace CMA commissioners
Kuwait, September 20, 2011
Kuwait’s minister of trade and industry will nominate three new commissioners for the country’s newly formed regulator Capital Markets Authority (CMA).
The three new commissioners are replacements for officials who were removed from positions in the CMA for violating the authority’s regulations by holding other jobs, Kuwaiti newspaper Al Watan reported.
'The cancellation of the memberships of three commissioners out of a total of five, makes the decisions of the CMA commissioners board void,' the newspaper added, citing a circular sent from Minister Amani Bouresli to the CMA.
Officials at the ministry and CMA could not be reached for comment.
It was not clear which of the decisions previously taken by the CMA would be affected by the minister's move.
The board's latest decision was a six-month extension for investment funds to observe a limit on their ownership in individual financial securities.-Reuters