Kuwait-Mubasher: Kuwait National Assembly agreed on amending the law of Kuwait’s Capital Market Authority (CMA) in its first session, and postponed the discussion on some controversial issues to a future session after a disagreement occurred between the financial committee and the government on some articles of the law.

“The government seeks to form a comprehensive law of the CMA to protect small investors,” said commerce and industry minister and vice prime minister Abdul-Mohsin Al-Mudej.

Al-Mudej added: “The investigated irregularities in the CMA over the past years totaled 450 out of six million trading transactions.”

The minister previously assured that the core of such amendments is article no. 122 which is being looked into by the constitutional court. Article no. 122 of the CMA law states that whoever practices bogus trades can be jailed for five years in addition to a fine worth KWD 100,000.

“The government and the Kuwait National Assembly have a wide range to agree on amending about 47 articles of the Capital Market Authority’s (CMA) law,” Al-Mudej earlier concluded.