Market Committee Resolution No. (1) for year 2005
concerning the financial statements of the brokerage companies and the membership in their boards of directors


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After perusal of the amended Amiri Decree issued on 14/8/1983 organizing the Kuwait Stock Exchange.
And the Decree issued on 8/8/1984 concerning listing of brokers and their assistants in Kuwait Stock Exchange.
And the Decree no. 158 for year 2005 for the amendment of some articles of the Decree organizing the Kuwait Stock Exchange.
And the internal regulation of the Kuwait Stock Exchange.
And according to the Market Director proposal,
And after the consent of the Market Committee in its meeting no. 3/2005 on 1/10/2005.
The following has been decided:

Article (1)

The annual financial statements of the brokerage companies listed in the Market should be submitted to the Market Management to obtain its consent prior to their presentation to the general assembly of each company, and these companies should execute the Market’s remarks on the statements on the dates set for that.

Article (2)

Brokerage companies listed in the Market should provide the Market Management with the names of candidates for the membership of the company’s board of directors 30 days prior to the date set for the general assembly meeting of each company, and the names of people that the company desires to appoint in senior positions.
And the Market director issues a resolution for the conditions and regulations required to obtain this consent.
People not approved by the Market Management should be excluded from the list of candidates for boards of directors membership or senior positions.

Article (3)

Brokerage companies should suspend their work in case of violation of the previous two articles and they shall not be allowed to resume brokerage work again unless the violation reasons have been resolved.

Article (4)

This resolution will come into force from the date of it's issuance and will be published in the official gazette.

Minister Of Trading And Industry
Market’s Committee Director
Abdullah Abdul-Rahman Al-Taweel