Kuwait Gazettes Its ETF Rules: CMA Decision No. 80 of 2026 Now in Force

The Capital Markets Authority's exchange-traded fund (ETF) regime is now formally on the statute book. CMA Decision No. 80 of 2026, amending the Executive Regulations of Law No. 7 of 2010 (the Capital Markets Law), was published in the Official Gazette (Kuwait Al-Youm), Issue 1796, pages 20 to 27, on 21 June 2026. The Decision was adopted by the CMA Board of Commissioners at its meeting No. 25 of 2026 on 17 June 2026.

The published text confirms changes across four Books of the Executive Regulations. Book 1 adds two defined terms: the "exchange-traded fund," an open-ended listed fund that tracks an index of securities on Boursa Kuwait or a foreign exchange, or a commodity index; and the "subscription authorized participant" (mufawwad al-ishtirak), a licensed market maker or qualified broker that creates and redeems fund units. Book 5 revises the market-maker registration conditions, deleting the prior three-month listing seasoning requirement and capping registered market makers at five per security unless the CMA approves more.

Book 12 lets a fund established outside Kuwait that is CMA-licensed to market its units locally apply to list, and to combine that application with its marketing licence. Book 13 requires every ETF to appoint a subscription authorized participant and a market maker in addition to the standard service providers, sets end-of-trading-day valuation, and adds a dedicated ETF investment-controls annex covering index selection, feeder ETFs, non-Kuwaiti ETFs and monthly disclosure. Article 2 updates the CMA service-fee schedule in Book 2.

WEFAQ's view: with the text now public and Boursa Kuwait ready to receive listings, sponsors and liquidity providers should map their operating models against the specific articles, not the summary, before filing.

Source: CMA Decision No. 80 of 2026, Official Gazette (Kuwait Al-Youm) Issue 1796, pages 20 to 27, 21 June 2026.

Disclaimer: This article is provided for general information only and does not constitute legal advice. For advice specific to your circumstances, please contact WEFAQ L