Kuwait’s Capital Markets Authority is requiring companies to get approval before asking shareholders to back measures such as capital increases and reductions or sales of bonds and other securities, according to a statement to the Kuwait Stock Exchange today.
The authority began operating after bylaws for Kuwait’s capital markets legislation were published March 13 in the official Gazette.
Parliament approved a bill to create the authority, the country’s first stock-market regulator, in February 2010. Lawmakers said at the time that the bill would bring more transparency to the exchange, which has lacked regulation.
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