Kuwait Parliament Approves Market Regulator Bill

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Kuwait’s parliament gave preliminary approval to a capital markets bill allowing the creation of the emirate’s first stock market regulator.

The bill, passed unanimously in the first round of voting today, stipulates the establishment of an independent capital market authority comprised of five members who will be appointed by emiri decree, according to a copy of the bill.

“This bill will put the Kuwait Stock Exchange on a par with stock exchanges in developed countries,” Commerce Minister Ahmed al-Haroun told parliament before the vote. “It will be a push towards comprehensive financial and economic development in Kuwait.”