KUWAIT CITY, April 4: The National Assembly approved the Commercial Register Bill in its first reading Wednesday. The bill criminalizes the acts of obtaining a commercial license which will be used by another person in exchange for a certain amount and manipulating data of companies, in addition to granting powers of arrest to employees in the ministry.
Talking about the bill, Speaker Marzouq Al-Ghanim explained the Assembly did not approve the bill in its second reading due to inability to fulfill conditions for approval. Article 104 of the Rules of Procedure of the Assembly states that: “It is possible not to conduct the second reading of a bill at least four days from the day of the first reading, unless majority of the Assembly members decide otherwise.
The second reading entails discussion of proposed amendments in writing to the bill which was approved in the first reading, followed by voting on the bill.” On the other hand, Minister of Commerce and Industry Khaled Al- Roudhan pointed out that Wednesday’s session witnessed the amendment of an old law and this brings the nation closer to full transformation into a modern State.
He said the bill, once approved, will enable the ministry to move from paper and books to the automated system as well as electronic archiving through which electronic records will be created. He affirmed this will play a crucial role in various activities like commercial studies or analyses, ensure transparency in the commercial sector, and provide information to the public and stakeholders in the business sector.
He affirmed the bill is more flexible as it gives right to the concerned parties to apply for commercial registration of judicial rulings even if the administration of the court does not communicate with the ministry. He said it will be easier to deal with many things, such as analysis and archiving of executive regulations.
It will also entail registration of a company’s website and important data, he added. He went on to say that the current law is not in line with the aspirations and visions of the ministry, indicating this law does not allow the concerned parties to apply for registration of court rulings related to their companies. Moreover, the Assembly approved the report of the Response to the Amiri Speech Committee in its first reading. Deputy Speaker Issa Al-Kandari, adjourned the session until April 17.
By Abubakar A. Ibrahim Arab Times Staff