Title: Press Release: Closure of the Advisors Office of the Capital Markets Authority
Kuwait, November 16, 2021- In light of the Capital Markets Authority’s (CMA) pursuit to upgrade its work by keeping pace with the latest practices in the field of the government administration and adopting the best methodologies in this regard, and in sense of responsibility towards complying with the general orientation of the country towards controlling the expenses, reduce the expenditure, and not expanding the organizational structures of the government entities when the need ceases to exist, the CMA has reviewed its organizational structure for the purpose of identifying the structural condition and the competences of all the current organizational units at the CMA to determine their usefulness, in addition to the ones that may require to be established in the future upon the developments of the financial markets, their products, and their control frameworks.
As a result of such revision along with CMA’s effort to reduce the duplication and repetition in the competences and works of its organizational units to ensure the development of the institutional infrastructure and the work environment as well as an optimal management of its human and financial resources and enhancing of its internal governance, the CMA decided that it no longer requires the Advisors Office within its organizational structure, which was previously established to provide the technical advice and opinion regarding the advisory requests of the specialized technical and legal pillars related to CMA’s competences and scope of work that are referred to it, in addition to conducting studies and research and submitting proposals and initiatives that are necessary to perform, achieve and develop the work in CMA’s establishment phase, and to be in line with the need for specialized technical expertise to execute CMA’s strategic plans and objectives at that time.
Moreover, as the CMA has realized that there is a similarity between the competences of the Advisors Office and the other organizational units that has the same competences, the CMA found the possibility to close the Advisors Office of the Board of Commissioners within its current organizational structure for the purpose of taking the advantage of tightening its organizational structure without prejudice to the quality of the services provided by the CMA and in a form that does not obstruct the achievement of its strategic plans and objectives.
In conclusion, the CMA emphasizes on its pride in its human cadres and national elements that were fully depended on in the leadership, advisory, supervisory, and specialized positions, which were the landmark of promoting the financial market system and achieving a quantum leap in the Kuwaiti market’s classifications since the establishment of the CMA, and the party to be relied on in the future in achieving more achievements for the service of the national economy and achievement of the government vision.
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.
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