Capital Market Authority seeks controls on stock chat

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KUWAIT CITY, Oct 16: The Capital Markets Authority (CMA) had earlier announced its plan to tighten control over private chat rooms in various sites like Telegram and Snapchat, following a similar action taken regarding Twitter, reports Al-Jariday daily.

After the announcement, the authority submitted several reports to the Capital Markets Prosecution about crimes related to shares listed on Boursa Kuwait; such as presenting recommendations and analyses of shares on various social networking sites even if they are not licensed to do so.

Following are the reports that the authority has so far submitted to the prosecution:

■ Publication of several advertisements on investment opportunities and financial returns, including videos of analyses/ recommendations of shares listed on Boursa Kuwait through Instagram and electronic newspapers.

■ An individual, who is acting as investment advisor without obtaining a license from the authority, posted four messages on Snapchat; including analyses and suggestions regarding the shares of companies listed on Boursa Kuwait.

■ An individual whose two posts on Twitter were deemed offensive to the authority, claiming the latter favors one party over another and that it does not perform its supervisory role.

■ An individual acting as subscription agent, based on his Twitter posts, without obtaining a license from the authority.

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