Title: Kuwaiti Competition Protection Agency Signs Memorandum of Understanding with Capital Markets Authority

Kuwait, August 7, 2023 – In the presence of Prof. Rashed Al-Ajmi, Chairman of the Competition Protection Agency (CPA), and Ms. AL-Anoud Al-Fahad, Acting Executive Director, along with representatives from the Capital Markets Authority (CMA), Prof. Ahmad Al-Melhem, Chairman of CMA Board of Commissioners - Managing Director, and Mr. Othman Al-Issa, Vice Chairman of CMA Board of Commissioners, a Memorandum of Understanding was signed between the CMA and the CPA this morning at CMA’s headquarters.
Continuing their joint efforts, the CMA and the CPA have signed an MoU aimed at establishing a framework of cooperation between the two parties in exchanging experience in the regulatory and supervisory fields within their respective jurisdictions. This collaboration aims to enhance the efficiency of their operations and adhere to best practices. The CMA plays a crucial role in overseeing and regulating securities activities, while the CPA safeguards the market against anti-competitive practices, thereby enhancing mutual cooperation in implementing laws related to economic concentration requests in terms of restrictions, conditions, and approved procedures concerning  dominant positions and control, leading to decisive impact.
This memorandum further strengthens the existing relationship between government institutions and underscores the importance of bilateral cooperation in the field of competition law and policy to ensure knowledge and implementation of applicable laws and regulations, as well as foster active cooperation in keeping up with ongoing developments in the local and international economy.
Moreover, CPA’s role is to create a competitive economic environment based on economic efficiency by implementing all the aspects of the Competitiveness Protection Law. This, in turn, promotes equal opportunities among various economic sectors and units in the local market, benefitting the economy and consumer through the availability and diversity of products at better quality and lower prices.
The CMA indicated that the MoU covers several cooperation fields, the most prominent of which is the exchange of available and necessary information and data between the two parties in accordance with the law and regulations.
In conclusion, these government efforts seek the provision of services to market participants in accordance with the best international practices to support stakeholders.
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Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw