Article 4 of Capital Markets Authority Law

The Authority's Board of Commissioners shall have the following powers: 1- Issuing the regulations and instructions necessary to implement the Law, and working to issue the recommendations and studies necessary to develop laws that help achieve its objectives. 2- Subject to Article 33 of this Law, the Board shall issue licences for securities exchanges and related activities and monitor their activity. -3 Issuing licences for membership of securities exchanges, licences for their employees, and everyone engaged in managing securities activity, including asset management companies, investment funds, financial brokerage companies, securities custody companies, advisory service institutions, and others. 4- Regulating the promotion of investment funds and other collective investment schemes. h- Regulating, supervising, and overseeing public and private subscriptions for Kuwaiti and non-Kuwaiti securities. 6- Regulating, supervising, and overseeing acquisitions and mergers. -7 Establishing rules for oversight and self-regulation in securities activity. -8 Approving and endorsing all rules and controls established by the exchange's management for conducting its business. 9- Establishing and adopting rules for licensed persons' adherence to professional ethics, competence, and integrity. 10- Providing appropriate systems to protect market participants and working to limit inappropriate, unlawful, and unfair practices in securities activity. 11- Cooperating with counterpart foreign supervisory authorities and institutions in matters of regulation, coordination, and participation in joint activities. 12- Performing all duties and powers entrusted to it under this Law or any other law with a view to avoiding market disruption. 13- Issuing all decisions falling within the Authority's competence and necessary to implement the provisions of this Law and its Executive Regulations; it may delegate some of these powers. 14- Establishing the special rules, systems, and procedures required by the activity of all licensed persons operating in accordance with the provisions of Islamic Sharia. 15- Issuing a special system for market-maker activity.