Kuwait abolishes Capital Markets Court framework, Economic Circuits take over under Decree-Law 91 from 2027
Kuwait has issued Decree-Law No. 91 of 2026 amending Law No. 7 of 2010 on the establishment of the Capital Markets Authority and the regulation of securities activity, marking a further step in restructuring the country’s framework for economic and commercial justice.
The decree-law transfers non-criminal disputes arising under the Capital Markets Authority Law to the Economic Circuits established under Decree-Law No. 88 of 2026. Criminal offences under the Capital Markets Authority Law will instead remain subject to the general rules governing criminal jurisdiction and procedures.
The move forms part of a broader legislative reorganisation of economic justice in Kuwait, with the new framework bringing capital markets disputes within the jurisdiction of specialised Economic Circuits rather than maintaining a separate Capital Markets Court.
Under the decree-law, the definitions of the “competent minister” and “competent court” in the 2010 Capital Markets Authority Law have been amended. The competent minister will now be the minister designated by the Council of Ministers, replacing the specific reference to the Minister of Commerce and Industry.
The explanatory memorandum said the change was intended to avoid the need for another legislative amendment if the administrative affiliation of the Capital Markets Authority is transferred in the future to another minister or ministerial portfolio.
The definition of the “competent court” has also been revised to cover the Economic Circuit for civil, commercial and administrative disputes, while criminal cases will be heard by the competent criminal court under the general rules of the Criminal Procedures and Trials Law.
The decree-law repeals seven provisions — Articles 108, 109, 110, 111, 112, 113 and 116 of Law No. 7 of 2010. These provisions covered the establishment of the Capital Markets Court, aspects of its procedures and appeals against its rulings.
At the same time, the legislation includes a transitional arrangement designed to prevent disruption to cases already before the Capital Markets Court. Cases and appeals registered before the new provisions take effect will continue to be heard by the Capital Markets Court until final judgments are issued.
The changes will not take effect immediately. They are tied to the implementation of Decree-Law No. 88 of 2026 establishing the Economic Circuits. The new Economic Circuits framework is scheduled to take effect on October 1, 2027.
The legislative link between the two decree-laws is significant. Decree-Law No. 88 establishes the specialised economic judicial structure, while Decree-Law No. 91 aligns the Capital Markets Authority Law with that structure by transferring non-criminal capital markets disputes to the new Economic Circuits.
The broader reform places economic, commercial and investment disputes within a specialised judicial framework. The Economic Circuits law covers areas including companies, banking, capital markets, competition, public tenders, public-private partnerships and direct investment.
The explanatory memorandum said the special judicial provisions in the 2010 Capital Markets Authority Law had originally been introduced because of the specific nature of capital markets disputes and the need for care and speed in resolving them. With Decree-Law No. 88 establishing specialised Economic Circuits, the government determined that the Capital Markets Authority Law needed to be amended accordingly.
Decree-Law No. 91 therefore represents a legislative alignment between the Capital Markets Authority’s legal framework and the wider restructuring of economic justice. Rather than maintaining a separate judicial track for non-criminal capital markets disputes, those cases will become part of the new specialised economic court system once the reforms take effect.
The decree-law also provides that any provision conflicting with its provisions is repealed. It assigns the relevant ministers, each within their respective jurisdiction, responsibility for implementation and requires publication in the Official Gazette.
