Capital Markets Authority: Legal subordinate to the competent Minister (A comparative study between Kuwaiti and UAE legislation)

Abstract

Objectives: Given the importance of the issue of the distinction between the Capital Markets Authority and the competent Minister, as well as the sensitivity in relation to the economic, social, and political changes of the State of Kuwait, the research paper raised a number of questions, including what is the nature of the relationship between the Authority and the competent Minister? Does the current situation need to be addressed due to the overlapping of responsibilities, and the presence of several loopholes in the law regulating this relationship? Accordingly, the aim of the study was to answer these questions. Method: To clarify the ambiguity around it, as well as the various aspects of the relationship between the Authority and the competent Minister, the study used the descriptive and analytical approach of the legislation and legal texts in Kuwait in practical and scientific manner, while conducting it to the legal position in the UAE. In order to address and analyze the nature of the relationship between the Commission and the competent minister through this research, it was necessary to describe, diagnose and analyze the subject matter of the nature of the relationship between the Commission and the competent minister in all its aspects and dimensions. Results: The research reached a number of results, including the conclusion that there was an overlap in the competencies between the Board of the Authority and the Minister of Commerce and Industry resulted in the emergence of some legal disputes that the situation requires legislative intervention to resolve, and removing the ambiguity surrounding the nature of the relationship between the Capital Markets Authority and the competent Minister. Conclusion: The research concluded with a number of recommendations the most important of which was that an amendment should be made to the Kuwaiti legislation regarding the formation of the Capital Markets Authority, to follow the UAE legislation pattern with the Minister of Commerce heading the Capital Markets Authority.