Legal sources reveal the need for amendment of stock exchange rules

Legal sources told the Kuwaiti newspaper Al-Jarida that the crisis over the delayed disclosure of events related to the liquidation of Boubyan Bank’s shares would open the door to mandatory revision and amendment of the stock exchange’s rulebook after it was proven that it did not comply with the disclosure guidelines in the Capital Markets Administration Act’s executive orders.

The Kuwait Markets Authority intervened directly to rectify the Boubyan Bank disclosures.

Kuwait Stock Exchange Suspends Liquidation Process for Bubian Shares

In this regard, sources confirmed the need to make changes to the rules of the stock exchange, especially Articles 12-9-4, in order to increase transparency and avoid repeating the shortcomings in any case of liquidation of shares in the future.