CmaBoardReleases
Title: Press Release: The Capital Markets Authority Completes Signing a Cooperation Agreement with the Chartered Institute for Securities & Investment (CISI) Regarding the Qualifications Examinations
Kuwait, June 18, 2022 – Within the framework of the Capital Markets Authority’s (CMA) continuous endeavor to continue developing the securities sector in State of Kuwait, diversify its investment tools and promote the CMA to the rank of its counterparts in the international markets, the CMA has signed a cooperation agreement with the Chartered Institute for Securities & Investment (CISI) regarding the qualifications examinations on Thursday June 16, 2022. The agreement was signed by Mr. Othman Al-Issa - Vice Chairman of CMA Board of Commissioners and Acting Chairman- and Mr. Simon Culhane - Chief Executive Officer of the Institute - in the presence of Ms. May Al-Sumait - Licensing and Registration Department Director at the CMA – and both Mr. Matthew Cowan - Regional Director of the Middle East, India & Sri Lanka- and Ms. Victoria Henry - Business Development & Marketing Manager - from the Institute.
This agreement renews the previous agreement signed on September 4, 2016 in which the Professional Qualifications Program for Registered Employment Positions was limited to specific positions of Licensed Persons, noting that such agreement shall continue offering the qualifications examinations that raise the efficiency of the market participants. This agreement also specializes in the cooperation between the CMA and the CISI to promote the framework of the market qualification and the offering of local examinations of CMA’s laws and regulations to keep up with the international technical examinations provided by the Institute and approved internationally, in addition to the cooperation in the annual revision of the Regulatory Qualification examinations to update the scientific material of the offered examinations to be in line with the amendments of CMA’s Law and its Executive Bylaws.
This Professional Qualifications Program is a step towards development, as well as being a legal entitlement of the CMA due to the provisions of some of its legislations that provided it with the authorizations of taking the necessary procedures to ensure the availability of technical and professional abilities at the candidates of Registered Employment Positions, which include setting the necessary rules and regulations and passing the qualifications examinations it prepares. The program considers the qualification of human resources as the basis of development and its main goal. This is achieved through upgrading the level of professional efficiency, technical ability, and legal knowledge of the current human resources in the capital markets industry or the future candidates. The benefits are enormous. They not only include acquiring new skills, increasing the knowledge abilities, and upgrading the level of the performance and tasks to more quality and professionalism, but also provide with international specialized certificates approved by the CMA and the international institute approving those examinations, which qualify them to work in similar positions in the State of Kuwait or outside of it due to their being approved professional qualifications on a wide global scale. Moreover, such certificates do not have fixed expiration period, and provide more employment opportunities and open the career prospects of the for the ambitious ones.
The Chartered Institute for Securities & Investment (CISI) is the largest professional institute in the field of financial markets and investment in the United Kingdom. It has an increasing number of financial centers worldwide. Its main headquarters was formed in London in 1992 by investors in London’s exchange.
Furthermore, the examinations of CISI are recognized by more than 50 countries. More than 40,000 exams were held by the CISI in more than 80 countries, 15,000 of which were held outside the UK. The CISI has around 45000 members from 111 countries.
Ends-
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.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw