Title: The Capital Markets Authority Meets with Foreign Investors Prior to the Implemention of the MSCI Upgrade in a Meeting Organized by HSBC
Date Publish 12 October 2020
Kuwait City - October 12, 2020, Based on CMA’s constant endeavors and efforts to develop the market and update international institutions and foreign investors on any progress, HSBC, in coordination with the Capital Markets Authority, organized a special meeting with foreign investors through electronic means of communication on Monday October 12, 2020. CMA was represented by Mr. Muthanna Al-Saleh - Head of the Markets Sector, and Mr. Abdulrahman Al-Failakawi - Director of the Markets Regulation Department. Other participants of this event were Boursa Kuwait, Kuwait Clearing Company, MSCI and HSBC as a licensed custodian in the State of Kuwait. The moderator of the meeting was Mr. John Lomax, Emerging Markets expert from HSBC - Dubai.
In this meeting, the CMA reviewed its contributions to the development of the Kuwaiti capital market, the most prominent of which was the Market Development Project and the supervision of the implementation of its stages, in addition to the latest developments in the project and its future plans. The parties also demonstrated the preparations supervised by the CMA and carried out by Boursa Kuwait, and Kuwait Clearing Company, and market participants to implement the process of upgrading Boursa Kuwait within the MSCI emerging market indicators at the end of next November. Several Market-Wide Tests (MWT) were conducted, which began in the beginning of this year to ensure the efficiency and readiness of the technical systems of the concerned parties. After the meeting, all inquiries and questions of the participants were answered.
It should be noted that the benefits of the promotion will contribute to the increase in the capacity of institutional and foreign investments that are directed to Kuwait Securities Exchange, by improving the liquidity, diversifying the investor base, attracting high-quality IPOs to the market, and strengthening the relationship between issuers and investors.
In conclusion, this meeting falls within the framework of completing CMA’s efforts to raise the efficiency of the market to meet the best international practice, and to diversify the investor base by attracting foreign and institutional investment. The CMA is will execute such activities during the upcoming period in cooperation with international banks and investment entities and in coordination with Boursa Kuwait and Kuwait Clearing Company.
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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