CmaBoardReleases
Title: The Capital Markets Authority Enhances the Role of Individuals and their Social Responsibility in Participating in Supervision and Rewards the Most Committed Companies and Licensed and Registered Persons
Kuwait, March 21, 2021 – As part of the Capital Markets Authority’s (CMA) continuous efforts in developing the rules regulating securities activities and its keenness to keep pace with the latest developments of the financial markets and the best practices, in order to ensure compliance with laws, bylaws, resolutions, and regulations related to securities activities.
The CMA has issued on Sunday, March 21, 2021 Resolution No. (29) of 2021 regarding amending some provisions of Module Two (Capital Markets Authority) and Module Three (Enforcement of the Law ) of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their Amendments.
These amendments come to enhance the role of individuals and encourage them to exercise their social responsibility on securities activity, as well as urging companies and licensed and registered persons to comply with laws, bylaws, resolutions, and regulations related to securities activities, as the most prominent aspects of the amendment were:
• Emphasizing the CMA’s role in setting up incentives and rewards for people who are most committed to the law, these regulations, and resolutions related to securities activities.
• Taking into account the assignment provisions regarding the number of members of the Complaints and Grievances Committee and their tenure.
• Strengthening social supervision by motivating individuals to participate in supervision through the channels established by the law (reporting violations and complaints).
These amendments are part of CMA’s keenness to encourage the role of individuals and urge them to participate in supervising securities activities, in line with best practices applied in similar regulations, which leads to the motivation of individuals and the enhancement of social responsibility in exposing the violations and misconducts that take place within the CMA’s framework and the mechanism for reporting it to the CMA in accordance with proper and organized regulations and procedures.
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