ASAR, Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms recently participated in the CFA Society Kuwait ongoing education and awareness initiative by conducting a seminar to discuss the new Executive Bylaws to the Companies Law that were recently published on 6th October 2013. CFA Society Kuwait, is the local society of CFA Institute, the world’s pre-eminent association of investment professionals. The seminar was held at the Regency Hotel Kuwait on 10th December 2013 and was attended by over 45 investment professionals. In February 2013, ASAR conducted a similar seminar for the CFA Society Kuwait focusing on Kuwait’s New Companies Law.
Mr. Hossam Abdullah and Mr. Ezekiel Tuma, (Corporate, Banking and Finance Partners at ASAR) were the speakers at event and they expertly explained the background to the Executive Bylaws and the various provisions of the same with particular emphasis on parts of the Executive Bylaws that are directly relevant to investment professionals. Mr. Abdullah and Mr. Tuma also highlighted practical impacts of the Executive Bylaws and provided tips on a wide range of possibilities for innovative structuring of transactions made possible by Kuwait’s New Companies Law and the Executive Bylaws.
Mr. Hossam Abdullah said: “The Executive Bylaws mark another fundamental step in the process of overhauling Kuwait’s corporate laws, and in overall terms the Executive Bylaws are a positive development. The Executive Bylaws have clarified and substantiated several key concepts that were introduced in the New Companies Law passed in March this year. Players in the Kuwait market can now look forward to exploiting new possibilities that are being made a reality such as trading in priority subscription rights, establishing special purpose vehicles for transaction purposes and exploiting a wider range of corporate forms such as special purpose vehicles and using partnerships limited by shares as investment vehicles that allow financial institutions to retain management and control of the venture to the exclusion of the investors.”
Mr. Ezekiel Tuma further noted: “We applaud Kuwait on issuing the New Executive Bylaws to the Companies Law. The issuance shows the clear commitment of the Kuwaiti government towards developing Kuwait’s corporate laws as an integral part of Kuwait’s development plan which amongst other things aims at turning Kuwait into a regional trade and financial hub. We now look forward to the aggressive implementation of the various provisions of the new legislation and regulations”.
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500. In 2013, ASAR was named as the “Best Law Firm in Kuwait 2013” by the International Financial Law Review (IFLR), the market-leading guide for financial law firms worldwide. The firm also won the “Best Restructuring Deal in the Middle East” award by IFLR during the same year.