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Crack Down on Misuse of Name and Logo, Submits 10 Reports to Prosecutors

by rajtamil
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KUWAIT CITY, June 1: The Capital Markets Authority (CMA) has taken decisive action against parties misusing its name and logo to solicit customers, submitting approximately 10 reports to the Public Prosecution, reports Al- Jarida daily. The exploitative tactics employed by these entities involve developing systematic methods to project an official appearance, deceiving the public into believing their compliance with the law, and falsely obtaining approvals without official consent from the CMA.

According to informed sources, numerous electronic accounts on social media and promotional advertisements falsely claimed affiliation with the CMA, purporting to be licensed platforms authorized by the authority. Their objective was to promote financial products and solicit investments through deceptive means. It is emphasized that any company offering financial services, brokerage, or investment fund activities, even those licensed outside Kuwait, must obtain approval from the CMA before conducting marketing activities locally.

The responsibility extends to other governmental bodies granting licenses for advertising activities without ensuring compliance with regulatory requirements. Promotional advertisements for financial products lacking CMA licenses are deemed fraudulent and misleading to investors, as they fabricate authorization for activities not legitimately granted. The CMA officially announces all licenses granted on its website, ensuring transparency and accountability in the market. Investors are urged to verify the licenses of entities offering financial services and scrutinize their documentation before engaging in any investment transactions. Failure to comply with Law No. 7 of 2010 and its executive regulations and amendments entails legal consequences, underscoring the importance of due diligence in safeguarding investments.

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