The Capital Markets Authority announced the addition of a link on its website to the ICO page that includes a list of unlicensed entities that are prohibited from dealing with them at the international level (in member states) under the name of the Investor Alerts Portal, which the member states provided to the organization.
The authority clarified in a press statement that this step comes as an affirmation of the principle of joint cooperation and concerted international efforts to reduce investment risks in dealing with entities that are not licensed to engage in securities activities on an international scale. The step also comes as a continuation of the Authority’s tireless efforts to combat all illegal practices of unlicensed entities at the local and international levels at the same time, as the authority works continuously to address such practices through its awareness and educational campaigns to the public of dealers, as well as by dedicating a periodically updated page on its website. The e-mail includes a list of unlicensed entities, in Kuwait and in all ISCO member states.
It should be noted that the authority takes all legal measures for all illegal practices or behaviors that are monitored in violation of the law or the executive regulations.
In addition, the Commission is keen, through its membership in ISCO, to be active in contributing to everything that would achieve the principle of integrity and ensure commitment to work in accordance with the regulations and laws guided by Article 3 of the Commission’s Law, and to provide assistance and exchange information in a way that contributes to achieving the principles of the Organization. It is aware of its responsibility to report on the bodies with violating practices, and accordingly it has included the names of these bodies in the list of the organization to be a reference for dealers in the field of securities activities on an international scale.
In this regard, the Capital Markets Authority confirms that it is working with the organization’s counterparts from member states to upgrade the supervisory and legislative role to achieve the purpose of this page in a manner that serves the national economy in particular and the international economy in general.
Therefore, the Authority calls upon dealers in securities activities, before dealing with any service provider, to visit the Authority’s website to see the extent to which that entity is included in the list of unlicensed persons on the local or international scale.