Title: Integrated programs by the Capital Markets Authority for Social Responsibility
Date Publish 17 December 2018
Kuwait City, 17 December 2018. Since its inauguration, the Capital Markets Authority (CMA) has paid much attention to its role in the development of society, based on its social responsibility.
On the judicial level, Law No. 7 of 2010 on the establishment of the Capital Market Authority and the regulation of securities activity stipulates that "enhance public awareness of securities activities" is one of the main objectives of the Authority. CMA considered that the target audience is not limited to those concerned and interested in securities activities.
In terms of implementation, the Authority has endeavored to present a model to be the first to commit to implementing its various directions, through its endeavor and initiative to implement the rules of corporate governance which in turn includes support for the social role of companies - and the consideration of social responsibility as a major basis of these rules.
It also made "endorsing the level of financial, investment and legal culture related to capital markets among all parts of society" one of the tools of sustainable development and one of the objectives of its current and future strategy and has identified several initiatives to achieve this goal, such as educating the community about the fundamentals of investment and enhancing financial literacy of young people through various programs, with various entities such as ministries, institutions and authorities both governmental and non-governmental.
The Authority has adopted programs and activities that exceed the limits of the targets of its activities from investors and licensed persons, in accordance with a methodology that is different from the roles of the regulatory authorities usually to focus their attention on the investors of tomorrow in accordance with the requirements of the labor market and contribute to its improvement. In addition to the interest of various groups and parts of society to enhance the role of family and raise the level of financial awareness, and perhaps the national project to promote financial literacy and training program for newly graduated Kuwaitis are the most prominent of those programs.
The National Project for the Promotion of Financial Literacy is a strategic project aimed at establishing a financial literacy that is lacking in our local reality. It helps to reduce the low level of awareness of the community in our reality. It also helps to establish conscious investment generations that provide the labor market with the necessary expertise to reach a comprehensive awareness of the public. Ranging from intermediate to university education levels. The project has been running for years and requires the participation of multiple national entities, the first stages of which are between 2017-2020. The aim is to train thousands of students in various educational levels, through specialized programs that vary according to the targeted part, some of which are carried out in cooperation with national entities such as INJAZ Kuwait, and others that are expected to be implemented in cooperation with other national entities currently being prepared. The various issues related to securities activities in different majors and through several programs to access the adoption of special courses of the Authority’s legislation in some colleges and universities.
It should be noted that the Authority has recently completed the implementation of the first phase of this program, which extended over four semesters resulting in the implementation of (192) awareness workshops in the middle and secondary educational stages, carried out by (46) volunteers from the Authority in (48) schools distributed between governorates in the State of Kuwait has targeted (2216) male and female students. At the university level, (11) university lectures have been implemented in various colleges.
The training program for newly graduated Kuwaitis aims to contribute to the prepare of national cadre to enter the labor market by developing their skills and enabling them to acquire the elements of participation in the implementation of government development programs that fall within the framework of the desired transformation policies to a regional financial and commercial center. This program, which is implemented in cooperation with leading training institutions, attracts distinguished graduates from specialized fields related to capital markets such as finance, economics, accounting, business administration, financial mathematics, law and others, in accordance with a mechanism approved by the Authority for the acceptance, selection and evaluation of applicants. In addition to field training programs in several sites such as Capital Markets Authority, Boursa Kuwait and Kuwait Clearing Company. Others are specialized in training outside the State of Kuwait starting with the first program implemented during the financial year 2013/2014 by the Security Industry Development Corporation, which is the training support of the Securities Commission of Malaysia and the leader of education and training in the financial markets of South East Asia. The second training program took place at Business School IE Madrid from 29 February to 22 April 2016. The third and fourth programs were external training at the prestigious Harvard University in Boston, USA, for 2017 and 2018, consecutively.
The statistics of the newly graduated program, which was implemented by the Authority four times from the financial year (2013/2014), led to the training of 81 trainees, 38 of whom were employed at the Authority
Finally, in the context of the current and future directions of the Authority within the framework of its social responsibility and the completion of its programs, the fifth training program for the new graduates was launched currently on the 2nd of December. As for the national project to promote financial literacy, it is expected to implement new activities under this project. Many complementary initiatives that will contribute to a qualitative addition to its success, such as the creation of an interactive website for children, the publication of an awareness magazine for them, and participating in CYFI programs after obtaining its membership.
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