CmaBoardReleases
Title: Press Release: The Capital Markets Authority Presented an Awareness Workshop Regarding the Preliminary Draft of the Regulatory Framework for the Financial Technologies Project (Fintech)
Kuwait, October 5, 2022 – In completion of the Capital Markets Authority’s (CMA) efforts and endeavor towards enhancing the effective participation of all the persons dealing in the financial markets, as well as the those concerned with securities activities in general in its various directives related to regulating securities activities, and in particular enabling and enhancing their effective participation in the opinion poll on the draft regulations regarding the financial technologies services (Fintech); the CMA has presented a remote awareness workshop through (ZOOM) platform regarding the Preliminary Draft of the Regulatory Framework for the Financial Technologies Project (Fintech) on Monday 03/10/2022. The participants of the workshop were several entities addressed by the CMA’s Law and those involved in the financial market in Kuwait that exceeded 80 companies licensed to practice securities activities as well as public and private local institutions and entities. The workshop included a thorough explanation of the regulations of the first batch of services of this regulatory framework, which were the Securities Based Crowdfunding and Digital Financial Advisor – Robo Advisor, in addition to answering all the enquiries of the participants in this area. Moreover, the CMA has uploaded a complete visual recording of this workshop through its website to offer the awareness subjects and information presented in the workshop and to benefit the public and those who were not able to participate.
The CMA believes that this step will contribute in raising the quality of the remarks and proposals that will be submitted through the opinion poll of all the persons dealing in the financial market, as well as the those concerned with securities activities in general on the aforementioned preliminary draft of the regulations of the financial technologies project (Fintech), whose specified period will expire on the end of Sunday, October 9, 2022. After that, the legal reviews will be completed to ensure applying the necessary local regulatory and legislative amendments to the provisions of the regulatory framework and the other related provisions, which would enable all those concerned with Fintech services and products to participate without facing any obstacles.
Furthermore, those interested and wishing to view the preliminary draft of the regulatory framework for the aforementioned Fintech project, and to express their opinions and proposals can visit the CMA's website and access the special electronic link in this regard.
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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