Title: Press Release: The CMA Chairs the Legal Work Team of the Union of Arab Securities Authorities

Kuwait, July 9, 2024 - The Capital Markets Authority announces its appointment as the chair of the Legal Working Team of the Union of Arab Securities Authorities, represented by the Legal Affairs Sector. This appointment was approved during the team meeting held on Thursday 04/07/2024, following the Secretary-General's proposal and the unanimous vote of the members, succeeding the Securities and Commodities Authority in the United Arab Emirates, the host country. The CMA extends its sincere thanks and appreciation for being appointed to this position, emphasizing its commitment to its responsibilities towards the tasks assigned to the team.

It is worth noting that the CMA has been keen to join the Union since its commencement, as it joined on December 20, 2010, and has been determined since that time to actively participate and be a member of the teams assigned to implementing the goals and initiatives of the Union's strategic plan, including the Legal Working Team since its establishment on 13/7/2022.

It is significant to mention that the Union was established in 2007 as a non-profit organization by a decision of the Council of Ministers in the United Arab Emirates, because its headquarters are in the United Arab Emirates. The Union includes in its membership the securities authorities and the regulatory bodies of the financial markets in the Arab countries. The Union aims to upgrade the legislative and regulatory level of Arab securities markets with a view to achieving fairness, efficiency and transparency. Additionally, it works towards unifying efforts to achieve effective levels of oversight over transactions in the Arab securities markets and overcoming obstacles hindering investment in the Arab securities markets.

The Union holds training courses aimed at enhancing the employees skills in the securities authorities in the Arab countries, or investors in these markets in general.

The Union’s membership includes working members, affiliated members and monitoring members, each having rights in accordance with the provisions of Article Six of the Law of the Union of Arab Securities Authorities. It is worth noting that the Union has become an affiliated member of the International Organization of Securities Commissions (IOSCO), enhancing its Arab, regional and international status, which benefits Arab capital markets.

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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