Kuwait: Circular Issued on Conflict of Interest
On 16 February 2023, Kuwait’s Capital Market Authority has published a new circular on conflict of interests on its website.
The circular aims to determine and regulate circumstances in which companies and their employees will be considered to be in a conflict-of-interest situation, including companies to which the state or other public agencies contribute.
It has also specified disclosure requirements.
The Authority has confirmed in the circular that all companies subject to supervision according to the provisions of Kuwait Law No. 7/2010 On the Establishment of the Capital Market Authority and Regulation of Securities Exchange Activity, its Executive Bylaws and their amendments must comply with the provisions of Kuwait Law No. 1/2023 Concerning the Prevention of Conflicts of Interest on written notification upon the occurrence of a conflict.
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