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Wed 20 Jan 2010 01:50 PM

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Kuwait approves bill to curb stock market 'shady deals'

Parliament votes unanimously to back bill to increase regulation, protect investors.

Kuwait approves bill to curb stock market 'shady deals'
STOCKS MOVE: Kuwait on Wednesday approved a bill to bring in more stock market regulation. (Getty Images)

Kuwait's parliament on Wednesday approved a bill to increase regulation and protect investors in the Gulf state's stock market.

Members voted unanimously to support the monetary markets authority bill which will create an independent regulator, KUNA news agency reported.

Ahmad Baqer Al-Abdullah, Minister of Commerce and Industry, stressed the importance of passing the law which would regulate the stocks market and monetary activity.

He added that "this would contribute to past and continuing effort to further development and improve the economic situation in the state".

He said the bill would help to cover loopholes concerning the stocks market and "to create an adequate system and mechanism to supervise investment funds and better protect small investors".

He added that the new regulations would also "counter shady dealings and bogus companies".

MPs agreed that "creating a solid supervisory system is in the nation's best interest and would help lure in foreign investment".

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