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Wed 8 Sep 2010 11:23 AM

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Kuwait names bourse head as new regulator chief

Cabinet passes decree making Saleh Al Falah chief, who is the current bourse chief.

Kuwait names bourse head as new regulator chief
(Getty Images)

Kuwait's cabinet has passed a draft decree appointing the director of the country's stock exchange as the head of the new stock market regulator, state news agency KUNA reported on Wednesday.

The draft decree appoints Saleh Al Falah as chairman of the regulator's board of commissioners, minister of trade and industry Ahmad al-Haroun was quoted by KUNA as saying.

The appointment comes after months of delay, during which at least 18 candidates turned down the post.

In February, the Gulf Arab state's parliament approved a much-delayed bill to set up a watchdog for the country's bourse, which has been plagued with irregularities in prices and disclosure.

Analysts said the post's stringent conditions, including a five-year ban on all investments by the regulator head and his family, made it difficult to fill.

The new authority overseeing the bourse will have the power to impose fines of up to 100,000 dinars ($347,300) and prison sentences of up to five years for violations. ($1=.2879 Kuwaiti Dinar) (Reuters)

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JohnA 9 years ago

Talk about conflict of interest