Title: The Capital Markets Authority Participates in Activities of the Gulf Investment Awareness Program “Mulem”
Date Publish 08 November 2020
Kuwait City – November 8, 2020, Prof. Ahmad Al-Melhem, Chairman of CMA Board of Commissioners, has announced the participation of the CMA with its counterparts of the GCC capital market authorities or their equivalent supervising entities in the joint Gulf awareness campaign for the awareness of investors in Gulf markets whose launch of activities was announced in a shared press release issued on the fourth of the current month of November.
This campaign aims to raise awareness in the fundamentals of investing in the financial markets, avoid the risks related to this type of investment, elevate awareness of the fraudulent methods, and introduce the systems and legislations that govern the investment operations in the financial market. This shall enhance the standards, efficiency, and soundness of those markets’ transactions.
This campaign includes several activities that affiliates within the framework of the Joint Gulf Investment Awareness Program “Mulem” that targets all categories of the society “the investors in general including the small investors, beginners and those concerned in the financial markets, school and college students as well as entrepreneurs of small, medium and micro enterprises”.
Moreover, this campaign, that is considered an extension of the bonds of cooperation between the GCC countries, especially in the economic matters, obtained the praise of his Highness GCC General Secretariat Dr. Nayef Al-Hajraf who explained that the financial markets represent financial centers and investment opportunities that enhance the national and regional economies. He also emphasized on the importance of the financial awareness in providing the investors with information and helping them take the right investment decision, in addition to its role in enhancing the existence of financial markets that are safe for investment pursuant to what was mentioned in the joint press release.
Prof. Al-Melhem mentioned that it was planned that each country of the GCC will sponsor specific periods of this campaign in accordance with what will be agreed by the team that represent all the entities, while granting the freedom of broadcasting and rebroadcasting the awareness messages within the framework of each campaign according to the mechanisms of their implementation in each country and the regulating rules. The Capital Market Authority of Saudi Arabia started implementing the first campaign of the program on November 1, 2020 and it extends until the end of December 2020 through the Gulf Capital Markets Knowledge Portal and all audio-visual media means under the subject of “Principles of Investment”. The State of Kuwait represented by the Capital Markets Authority will supervise the second campaign that will be held from January 1 to January 31, 2021 under the subject of “Think before you Invest”.
Prof. Al-Melhem also mentioned that the CMA is preparing a detailed plan for the awareness programs that will be implemented within the framework of that campaign, the mechanisms of their implementation, and their timetable including several activities such as short awareness messages, press releases, info graphs, and awareness videos. Such programs will be published through CMA website, its official accounts on the social networks, and the various media means (television, radio, and journalism). Furthermore, it is expected that the second edition of CMA’s electronic magazine, that will be launched through its website on the first of December, will include a special file for that campaign.
Moreover, Prof. Al-Melhem noted that the idea of the project of the “Gulf Capital Markets Knowledge Portal” was suggested by Kuwait CMA in the fifteenth meeting of the Heads of GCC Capital Markets Authorities Committee (or their Equivalents), and was welcomed by the committee and implemented by Kuwait CMA on October 27, 2019 in the eighteenth meeting of the ministerial committee of the Heads of GCC Capital Markets Authorities Committee (or their equivalents). This project aims to establish a special website for the training programs and the worksheets that are prepared and published by the entities regulating the financial markets in the GCC countries. It is considered a leading idea in the world of electronic training and developing the workers’ abilities in the financial markets field that will save time, effort, and cost by providing various electronic training materials without being subject to specific periods or numbers of trainees. The portal offers two types of training, the first type requires personal attendance, while the second permits training remotely through the trainee’s account on the portal, which adds more importance during the current circumstances of the Coronavirus Pandemic and the precautionary measures taken by the government to face it especially social distancing.
It is worth noting that this portal is regarded as a platform for the joint cooperation and exchange of experiences and training programs between the member states in the fields of financial awareness and investment literacy, as well as providing a knowledge database that includes all the scientific materials of the training programs. This will help establishing the concept of the electronic education between the GCC capital market authorities. Although the use of the portal is only limited to the members at the current phase, but it will also allow full or partial access and offer its services to all investors and those concerned in the securities activities in the near future.
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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