In February 2010, the Kuwait government passed new laws and regulations related to the activities of securities in Kuwait, namely Law No. 7 of 2010 (the “Law No. 7”) and Executive Bylaws for Law No. 7 of 2010 Concerning Establishment of the Capital Markets Authority and Organization of Securities Activity (the “CMA Bylaws”), (collectively the “Capital Markets Law”). The Capital Markets Authority (“CMA”) is currently the regulatory authority primarily responsible for regulating the marketing, offer and sale of securities in Kuwait. 